Gold prices dip to 10-week low
Vietnam gold prices fell on Tuesday morning to the lowest since August 5.
Gold prices in Vietnam have plummeted to their lowest level in 10 weeks. The Saigon Jewelry Company gold bar fell 0.77% to VND142 million (US$5,488.88) per tael, while a gold ring declined 0.56% to the same rate. Vietnam's gold prices have dropped by 7.07% year-to-date. Globally, gold prices dipped on Monday due to a strong dollar, higher U.S. Treasury yields, and investors waiting for the Federal Reserve's policy decision next week.
Spot gold decreased 0.4% to $4,147.87 per ounce, with U.S. gold futures for December delivery settling 0.5% lower at $4,160.10 per ounce. The U.S. dollar rose slightly, making greenback-denominated gold pricier for those holding other currencies. Elevated U.S. Treasury yields have also added to the pressure on gold, according to Fawad Razaqzada, a market analyst at Forex.com.
With yields remaining high, some gold investors are questioning whether it's more advantageous to invest in bonds at this time.
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