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Saigon Jewelry Company gold bar price started the week 1% lower at VND148.4 million (US$5,650.21) per tael.
Gold ring price similarly dropped to VND147.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold fell on Monday as the latest exchange of strikes between the U.S. and Iran over the weekend pushed up energy prices, raising the prospects for interest-rate hikes to combat inflation.
Spot gold slipped 1.1% to $4,076 an ounce. Brent crude climbed 4.1% to reach $79.11 a barrel, up from the recent trough of $70.14, Reuters reported.
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Gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
The spike in oil pushed 2-year Treasury yields to 4.2393%, their highest since early 2025.
"Renewed geopolitical tension has sent another shockwave through an already fragile gold market," Hebe Chen, an analyst at Vantage Markets in Melbourne, was quoted as saying by Bloomberg.
"Unless the fighting around Hormuz meaningfully settles and turns a new page for precious metals, elevated oil prices, firmer yields and a stronger dollar could keep gold pinned under pressure this week."
