Vietnam Gold Prices Tumble Amid Rising Oil Costs and Fed Rate Hike Anticipation

Gold prices in Vietnam have plummeted to a six-week low amid rising oil prices and anticipation of Federal Reserve rate hikes. According to the Saigon Jewelry Company, gold bars have dropped by 1.41% in value, reaching VND140 million (approximately $5,321.37) per tael. This decline marks a total decrease of 4.11% since Wednesday's close.

The cost of a gold ring has also fallen by 1.85%, settling at VND143.3 million per tael. Overall, gold prices in Vietnam have fallen by 8.4% this year.

Internationally, the value of gold has also decreased, drifting down from its two-week peak reached earlier. This worldwide decrease is attributed to rising oil prices and the anticipation of Federal Reserve rate hikes, which are expected to lead to a weakening dollar.