Vietnamese Gold Prices Fall as Global Market Holds Steady
Gold prices in Vietnam declined on Tuesday morning despite a slight gain on global markets. Saigon Jewelry Company's gold bar price dropped by 0.71% to VND140 million (US$5,326.65) per tael, which is equivalent to 37.5 grams or 1.2 ounces.
The price of gold rings remained unchanged at VND141.2 million per tael. This decline marks an 8.4% drop in gold prices in Vietnam so far this year.
On the global market, spot gold rose by 0.2% to $4,059.81 per ounce. Investors are awaiting key U.S. labor market reports for clues on the Federal Reserve's interest-rate trajectory.
Ajay Kedia, director at Mumbai-based Kedia Commodities, believes that 'gold is currently in a consolidation phase.' He suggests that if there is weakness in the job market, it could pressure the U.S. dollar and result in gains for gold.