Gold prices plunge – VnExpress International
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices extended their decline Thursday, hitting the lowest level since Sep. 28, while global rates recovered from a six-month bottom.
Saigon Jewelry Company gold bar and ring prices dropped 1.66% to VND136 million (US$5,166.88) per tael. Gold prices have declined 11% so far this year in Vietnam.
Globally gold prices rebounded from a six-month low on Thursday on short-covering as investors awaited a key U.S. inflation report that could shed more light on the Fed policy outlook, Reuters reported.
Spot gold rose 0.4% to $4,089.12 per ounce, after hitting its lowest since November 21 at $4,022.09 earlier in the day. U.S. gold futures for August delivery were down 0.5% at $4,111.10.
“With prices hurtling towards $4,000, it’s an obvious level of support that could prompt bears to book a quick profit or tempt battered bulls from the sideline,” said Matt Simpson, a senior analyst at StoneX.
“The U.S. dollar index failed to gain much ground following Wednesday’s CPI report. So, unless there are any nasty surprises in PPI – gold could be due a technical bounce over the near term.”
