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Saigon Jewelry Company gold bar price fell 0.3% to VND165 million (US$6,262.46) per tael. The metal has lost 1.5% so far this week.
Gold ring price similarly dropped to VND164.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged lower on Wednesday as uncertainty in the Middle East and stronger-than-expected U.S. inflation data dimmed hopes for Federal Reserve rate cuts, Reuters reported.
Spot gold fell 0.4% to $4,695.99 per ounce. U.S. gold futures for June delivery gained 0.4% to $4,705.30.
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A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Data showed that U.S. consumer inflation increased further in April, with the annual rate posting its largest gain in three years.
"Inflation data out of the U.S. has really watered down hopes, if not extinguished them, that there will be rate cuts from the Fed, and now the markets are kind of pricing in that the next move could be a hike as soon as the end of the year. So it kind of puts some downward pressure on gold," said Kyle Rodda, a senior financial market analyst at Capital.com.
