Gold price drops 6% in 2 weeks

It fell 1.52% to VND84.1 million (US$3,318.21) per tael Tuesday morning to the lowest since early October.

Gold ring price declined by 1.54% to VND83 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Bullion went up to a five-month high of VND90 million in the end of last month but quickly decreased as global rates plunged after Donald Trump won the U.S. presidential election.

Gold bar has gained 14% since the beginning of the year, and gold ring has risen 32%.

Globally gold ticked up on Tuesday but hovered near a one-month low, while investors awaited U.S. economic data and comments from Federal Reserve officials for further clarity on the interest rate trajectory, Reuters reported.

Spot gold rose 0.2% at $2,624.17 per ounce, after hitting its lowest since Oct. 10 on Monday. U.S. gold futures rose 0.5% to $2,630.10.

The U.S. dollar held near a four-month high as investors continued to pile into trades seen as benefiting from the incoming Trump administration. A stronger dollar makes bullion less attractive for other currency holders.