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Saigon Jewelry Company gold bar price fell 0.34% to VND174.9 million (US$6,645.9) per tael. Other sellers quoted the same rate.
Local bullion prices have dropped 9% from its peak of VND191.3 million per tael set in January, but are still up 10% for the year. They are currently around VND26.5 million per tael higher than global rates.
Gold ring price similarly slid to VND174. million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, spot gold was up 0.8% to $4,686.97 an ounce on Friday. However, it is down nearly 7% for the week, on track for its biggest weekly loss since March 2020 as the conflict in the Middle East lifted energy prices and dampened expectations for rate cuts, according to Bloomberg.
The precious metal, widely regarded as a safe haven, has fallen every weeks since the conflict began last month as Treasury yields and the U.S. dollar strengthened, investors sold bullion to cover losses elsewhere and gold-backed exchange-traded funds posted outflows.
"Gold is now a very widely held position for institutional investors and that has been on the back of the debasement trade over the last year. But the foundations of that trade are now weakening," said Daniel Ghali, commodity strategist at TD Securities, as quoted by Reuters.
"For the near term, we continue to see risk to the downside. There is a very substantial amount of room for gold to sell off while maintaining its bull market era trend support."
