Vietnamese Gold Prices Fall Amid Global Bullion Rate Increase

Vietnamese gold bar prices declined on Wednesday despite an increase in global bullion rates. The Saigon Jewelry Company's gold bar price fell by 1.1% to VND142.7 million (US$5,451.88) per tael, while the gold ring price saw a similar decline to VND142.2 million per tael.

A tael is equivalent to 37.5 grams or 1.2 ounces. Globally, gold prices rose as Treasury yields eased, with investors awaiting minutes of the U.S. central bank's July meeting for fresh clues on monetary policy outlook, according to Reuters.

Spot gold climbed 0.5% to $4,356.55 per ounce after falling nearly 2% on Tuesday, while U.S. gold futures slipped 0.2% to $4,410.20.

Kelvin Wong, a senior market analyst at OANDA, attributed the positive factors for gold to reduced expectations for Federal Reserve interest rate hikes and rising fiscal budget concerns. Lower interest rates reduce the opportunity cost of holding gold, he said.