Vietnam Gold Prices Tumble Amid Global Rate Hike Expectations

The gold price in Vietnam declined on Monday morning due to a drop in global bullion rates. The Saigon Jewelry Company's gold bar price started the week at VND147 million (US$5,640.83) per tael, down by 0.4% from the previous rate.

A tael is equivalent to 37.5 grams or 1.2 ounces. Similarly, the price of a gold ring decreased by roughly the same rate to VND146.5 million per tael.

Globally, spot gold was down 0.5% at $4,405.47 per ounce, while U.S. gold futures for December delivery were also down 0.5% at $4,452.20.