Vietnam's Gold Prices Fall Amid Global Uptrend
Despite rising globally, gold prices in Vietnam fell on Thursday afternoon, defying market trends. The Saigon Jewelry Company's gold bar dropped by 0.48% to VND145.8 million (US$5,606.21) per tael, while the gold ring declined by 0.2% to VND146.7 million per tael.
A tael is equivalent to 37.5 grams or 1.2 ounces. Gold prices in Vietnam have decreased by 4.6% so far this year.
Globally, gold rose on Thursday as investors digested the U.S. Federal Reserve's interest rate hike and its signal that further policy tightening could follow, according to Reuters. Spot gold was up 1.2% at $4,314.64 per ounce, after hitting a near six-week low on Wednesday.
Kelvin Wong, senior market analyst at OANDA, stated that the current uptick in gold is driven mainly by technical factors, with the Fed's hawkish message already largely priced into the market.