Gold prices dip to lowest in a week
Vietnam gold prices plunged Saturday morning to the lowest since July 22, following a 3% tumble of the precious metal on global markets.
Gold prices in Vietnam have dropped to their lowest point in the past week, according to the Saigon Jewelry Company. A tael, equivalent to 37.5 grams or 1.2 ounces, now costs VND148.7 million (US$5,700.59) per tael, marking a 1% decrease. Gold rings have also dipped slightly, falling 0.99% to VND149.7 million per tael.
Across the globe, gold prices have decreased by over 3% on Friday due to traders increasing their bets on an interest rate hike. This move was influenced by Federal Reserve Chairman Kevin Warsh's comments suggesting that inflationary pressures are not easing. Spot gold fell 2.9% to $4,567.23 per ounce, its lowest level since August 20. U.S. gold futures for December delivery also settled 2.9% lower at $4,529.9.
The decline in gold prices is attributed to Chair Warsh's assertion that inflation is not slowing significantly, indicating that the Federal Reserve still has work to do. Analyst Tai Wong noted that while the market may be unpredictable, the September meeting could turn into a coin flip.
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