Gold prices drop – VnExpress International
Vietnam’s gold prices fell Wednesday morning amid a decline in global bullion rates.
Saigon Jewelry Company gold bar price dropped 0.92% to VND162 million (US$6,144.5) per tael.
Gold ring price slid 1.1% to VND161.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices nudged lower on Wednesday, as rising Treasury yields and a firm dollar outweighed optimism over a potential U.S.-Iran peace agreement.
Spot gold was down 0.3% at $4,467.59 per ounce after hitting its lowest level since March 30 in the previous session. U.S. gold futures for June delivery lost 0.9% to $4,471.10.
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A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Price pressures linked to the Iran war triggered a selloff in global bond markets, pushing 30-year U.S. Treasury yields to levels not seen since the lead-up to the 2007 global financial crisis, according to Bloomberg.
The dollar hovered at a six-week high, making greenback-priced bullion more expensive for holders of other currencies.
“Gold is running out of puff somewhat against this backdrop of rising yields, and a dollar which has a spring in its step courtesy of the hawkish shift in the rates outlook,” said Tim Waterer, chief market analyst at KCM Trade, as quoted by Reuters.
