Gold price hits 7-week low

Saigon Jewelry Company bullion was sold at VND83.5 million ($3,288.57) per tael as of 11:00 a.m., down 0.60% from Wednesday.

Gold ring price dropped 0.61% to VND81.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold fell for a fifth straight session on Thursday to hit its lowest level in eight weeks, pressured by a stronger U.S. dollar and rising Treasury yields amid uncertainty over the pace of the Federal Reserve's interest rate cuts, Reuters reported.

Spot gold was down 0.6% at $2,559.39 per ounce, after hitting its lowest since Sept. 19 earlier in the session. U.S. gold futures fell 0.9% to $2,564.00.

The U.S. dollar advanced to a one-year high, making gold more expensive for overseas buyers, while Treasury yield rose to its highest since July.