Gold prices fall

Saigon Jewelry Company gold bar price fell 1.17% to VND169 million (US$6,421.81) per tael. Other sellers quoted the same price.

Local bullion prices have fallen 7.44% since the start of last week. They are now around VND28.5 million per tael higher than global rates, the widest gap on record.

Gold ring price similarly dropped to VND168.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, spot gold slipped 2.5% to $4,372.86 per ounce on Monday, extending their ‌drop to a roughly four-month low.

This followed the metal’s over 10% drop last week, which marked its biggest weekly loss since 1983, according to CNN.

Escalating the three-week-old war, Iran said on Sunday it would strike the energy and water systems of its Gulf neighbors in retaliation if U.S. President Donald Trump follows through with a threat delivered a day earlier to hit Iran's electricity grid in 48 ‌hours, according to Reuters.

Since the conflict began, rising oil prices have heightened inflation concerns and dampened expectations for near-term interest rate cuts by the U.S. Federal Reserve and other central banks, weighing on non-yielding gold.

Kyle Rodda, an analyst at Capital.com Inc., told Bloomberg that the metal "is primed for a bounce in the short term" due to technical reasons.

Much will depend "on whether Trump follows through with his threats to hit Iranian power plants," he added.