Vietnam gold prices decline

Saigon Jewelry Company gold bar price dropped 2.1% to VND149.3 million (US$5,667.74) per tael after a 1.31% decline over the weekend. Asia Commercial Bank priced its bullion at the same rate.

Local gold bar rates are currently VND18 million per tael higher than global prices.

Gold ring price went down 2.5% to VND148 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices fell further on Wednesday, weighed down by signs of easing U.S.-China trade tensions and as investors took advantage of bullion's recent record rally to take profits while awaiting U.S. inflation data due later this week, Reuters reported.

Spot gold was down 0.4% at $4,109.19 per ounce. Bullion fell more than 5% on Tuesday in its steepest fall since August 2020. U.S. gold futures for December delivery climbed 0.4% to $4,124.10 per ounce.

"Simmering of trade tensions between the U.S. and China was the snowflake which caused the avalanche and reversal of gold's momentum trade," said StoneX senior analyst Matt Simpson.

"This is simply a technical repositioning on a market that clearly needed a pullback after an extended move above $4,000. I suspect we've seen the worst of the day-to-day volatility as dips will still likely be bought."

Gold prices have risen about 56% this year, reaching an all-time peak of $4,381.21 on Monday, bolstered by geopolitical and economic uncertainties, rate-cut bets and sustained central bank buying.