Gold prices slip after 3-day flat streak
Vietnam gold prices fell Tuesday afternoon after staying steady for three days as global prices of the precious metel dropped amid a stronger U.S. dollar.
Gold prices in Vietnam experienced a slight decline after remaining flat for three days, according to reports. Saigon Jewelry Company gold bars decreased by 0.42% to VND142.9 million (US$5,497.21) per tael, while gold rings dropped 0.14% to VND143.1 million per tael. Over the past year, gold prices in Vietnam have declined by 6.5%.
Globally, gold prices eased on Tuesday, influenced by a stronger U.S. dollar and higher Treasury yields. However, losses were minimized due to reduced expectations of a Federal Reserve interest rate hike this month, as reported by Reuters.
Spot gold fell 0.3% to $4,127.87 per ounce, while U.S. gold futures remained unchanged at $4,155.30. The U.S. dollar remained strong, making greenback-denominated commodities more expensive for those holding other currencies. Fundamentals continue to support gold in the long term, with the next significant driver potentially being geopolitical risk in the Middle East, according to senior financial market analyst Kyle Rodda at Capital.com.
Alternatively, a substantial shift in U.S. rate expectations could trigger the next price breakout, making each piece of price data crucial to monitor.
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