Gold prices drop
Vietnam gold prices on Tuesday afternoon fell 0.42% from the morning, but remained above Monday's level.
Gold prices in Vietnam experienced a decline on Tuesday, according to the Saigon Jewelry Company. The company reported selling a gold bar for VND140.6 million per tael, reflecting a 0.43% increase from Monday's closing price. Meanwhile, a gold ring saw its price drop by 0.14% to VND139.3 million per tael. Throughout the year, gold prices in Vietnam have decreased by 8%.
Globally, gold prices experienced a slight downturn on Tuesday, as renewed gains in oil prices raised inflation concerns. This, in turn, boosted expectations of higher interest rates. Investors were also waiting for the results of the U.S. midterm elections to analyze the broader market outlook. Spot gold prices dropped by 0.9% to $3,913.62 per ounce, after surging over 2% on Monday, which was a rebound from a one-year low reached on Friday.
U.S. gold futures for December delivery experienced a 1.2% decline to $3,923.00. Despite gold prices' recovery efforts, they have been hindered by the rebound of oil prices, which has increased the market's risk premium. Tim Waterer, chief market analyst at KCM Trade, stated that for gold to make a significant turn, it will likely need a strong upward movement above $4,000.
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