Gold prices tumble

By Dat Nguyen   May 13, 2024 | 07:27 pm PT
Gold prices tumble
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price continued its decline Tuesday morning with a 1.11% drop to VND89 million ($3,496.37) per tael.

It has fallen 3.67% from the historic peak of VND92.4 million achieved on Friday.

Gold ring price decreased 0.06% to VND76.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally spot gold was 0.23% up for the day at $2,341.00.

Earlier on Monday, U.S. Federal Reserve vice-chairman Philip Jefferson said: "We continue to look for additional evidence that inflation is going to return to our 2% target."

Higher inflation could keep interest rates elevated, reducing the attractiveness of non-yielding gold, according to financial data platform FXStreet.

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