Gold bar prices fall while global rates decline

Saigon Jewelry Company gold bar price fell 0.4% to VND121.7 million (US$4,688.79) per tael.

Gold ring price held firm at VND118 million per tael. A tael equals 37.5 grams or 1.2 ounces.

In its latest report to the National Assembly, the State Bank of Vietnam announced plans to amend a decree regulating the gold market to streamline existing procedures. It also said it would coordinate with other ministries to step up inspections and audits of gold trading businesses and retail shops to promptly identify and address violations or loopholes.

Globally, gold prices fell on Wednesday as optimism over potential U.S.-China trade talks weakened demand for safe-haven assets, while investors braced for the Federal Reserve's policy decision due later in the day, Reuters reported.

Spot gold was down 1.3% at $3,383.88 an ounce. The metal climbed nearly 3% in the previous session.

"Gold seems to be pulling back amid a broad-based ‘risk on’ move across markets ... this is a pro-cyclical configuration that might echo optimism amid clues that the U.S. and China have started real trade negotiations," said Ilya Spivak, head of global macro at Tastylive.

U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet top Chinese economic official He Lifeng in Switzerland this weekend for talks.

Fed Chair Jerome Powell's remarks are also awaited for clues into the potential timing of future rate reductions.

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-interest rate environment.