Gold prices decline
Vietnam gold prices fell Monday morning, in line with a dip in global bullion rates.
Gold prices saw a decline this week, with the price of a gold bar falling 0.34% to VND147.1 million (US$5,652.91) per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. Similarly, the price of a gold ring dropped to VND146.6 million per tael. Globally, gold prices experienced a slight decrease on Monday as investors analyzed events in the Middle East and their potential effects on inflation and interest rates.
The price of spot gold fell 0.3% to $4,366.64 an ounce. Despite Fed Chair Kevin Warsh's rate hike last week, which provided reassurance to investors, the market remained cautious. Justin Lin, an analyst at Global X ETFs, stated that gold had lost its narrative and lacked fresh catalysts in the near term. Oil prices fell due to optimism surrounding potential diplomacy in the Iran conflict and as investors awaited a possible recovery in shipments from Saudi Arabia, despite ongoing attacks by Yemen's Houthis.
Tim Waterer, chief market analyst at KCM Trade, emphasized that for gold to see significant upside, a clear drop in oil and/or bond yields would likely be necessary.
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