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Saigon Jewelry Company gold bar dropped 2.64% to VND140 million (US$5,318.74) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring also fell 2.64% to VND140 million per tael. Gold prices in Vietnam have declined 8% so far this year.
Globally gold fell more than 1% on Wednesday to hit an 11-week low, as the dollar and oil prices rose on renewed hostilities between the United States and Iran, fueling concerns about inflation and interest rate hikes, Reuters reported.
Spot gold lost 1.8% to $4,187.59 per ounce, hitting its lowest level since March 23. U.S. gold futures for August delivery were down 1.7% at $4,213.40.
The dollar rose, making greenback-priced bullion more expensive for holders of other currencies. Oil prices rose 1%, stoking concerns around inflation and cementing expectation that interest rates would stay higher for longer.
"The driver really is the shift in Federal Reserve policy expectations, the rise in yields, and the rise in the dollar. I think all of those things are weighing on gold," said Ilya Spivak, head of global macro at Tastylive.
