Gold prices slip
Vietnam gold prices fell Thursday afternoon despite an increase in value of the precious metal on global markets.
Gold prices in Vietnam experienced a slight decline recently. The Saigon Jewelry Company's gold bar reduced by 0.48%, reaching VND145.8 million (US$5,606.21) per tael, which is equivalent to 37.5 grams or 1.2 ounces. Similarly, the price of a gold ring dropped by 0.2% to VND146.7 million per tael.
Throughout 2023, gold prices in Vietnam have witnessed a 4.6% decrease. Meanwhile, globally, gold experienced a rise on Thursday following the U.S. Federal Reserve's interest rate hike announcement and the hint of additional monetary tightening. On the other hand, an earlier surge in oil prices has since faded, according to Reuters.
Spot gold increased by 1.2% to $4,314.64 per ounce, after touching a six-week low on Wednesday. U.S. gold futures for December delivery, however, dipped by 0.8% to $4,353.90.
Oil prices continue to be a crucial element to monitor. If oil prices keep falling, it might contribute to a rise in gold prices, at least in the medium term. Kelvin Wong, a senior market analyst at OANDA, shared his perspective stating that the current increase in gold is principally due to technical factors. The Fed's hawkish message has essentially been absorbed into the market.
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