Gold ring seen in a jewelry shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices dropped on Thursday afternoon, extending its morning loss, following a global decline of the precious metal.
Saigon Jewelry Company gold bar fell 0.94% from the morning to VND157.5 million (US$5,982.68) per tael as of 3.28 p.m. A tael equals 37.5 grams or 1.2 ounces.
Prices have plunged 1.99% compared to Wednesday. Gold ring, meanwhile, has gone down 1.62% in a day.
Gold prices in Vietnam have risen 3% so far this year and are now hovering around the lowest since early January.
Globally gold prices fell to a two-month low on Thursday as fresh U.S. attacks on Iran boosted the dollar and pushed oil prices higher, stoking concerns about rising inflation and clouding the interest rate outlook, Reuters reported.
Spot gold was down 1.5% at $4,388.76 per ounce, earlier falling to its lowest level since March 26. U.S. gold futures for June delivery fell 1.4% to $4,386.
The U.S. military carried out new strikes in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial shipping in the Strait of Hormuz, a U.S. official said, hours after President Donald Trump dismissed an Iranian report of a deal to restore traffic through the strategic waterway.
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