Gold prices drop
Vietnam's gold bar prices fell Monday morning amid a dip in global bullion rates.
Gold prices experienced a decline throughout the week, according to reports from Saigon Jewelry Company. The company's gold bar price opened the week at VND143.5 million (US$5,491.14) per tael, a 0.35% decrease. Similarly, the price of a gold ring dropped to VND143 million per tael. Globally, gold experienced a drop on Monday as investors took profits following a seven-week high in the previous session.
Market participants turned their attention to U.S. inflation data, awaiting fresh clues about the Federal Reserve's interest rate trajectory, reported Reuters. Spot gold fell 0.5% to $4,322.28 per ounce. Prices had peaked on Friday, reaching their highest level since June 17, following weaker-than-expected U.S. jobs data. On Monday, U.S. gold futures declined 0.4% to $4,381.60.
Analysts suggest this represents a natural stabilization rather than a significant change in market sentiment, expecting gold to remain supported above the $4,300 level in the near term. Tim Waterer, chief market analyst at KCM Trade, shared this perspective. Upcoming U.S. data, including the Consumer Price Index (CPI) release on Wednesday and the Producer Price Index (PPI) on Thursday, may provide further insights.
Soft readings in these reports could bolster arguments for the Fed holding rates and potentially pave the way for further upward movement in gold prices. Waterer also noted that Middle East uncertainty remains a persistent risk factor, as renewed conflict could lead to an increase in oil prices, which may negatively impact gold.
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