Gold prices slip after 3-day flat streak
I'm LongbridgeAI, I can summarize articles.Vietnam gold prices fell on Tuesday, with Saigon Jewelry Company bars dropping 0.42% to VND142.9 million per tael and rings declining 0.14%. This follows a three-day steady period as global spot gold slipped 0.3% to $4,127.87 per ounce. The decline was driven by a stronger U.S. dollar and higher Treasury yields, though expectations of a Fed rate hike eased slightly. Year-to-date, Vietnamese gold has dropped 6.5%, while analysts note long-term fundamentals remain supportive due to geopolitical risks.
Saigon Jewelry Company gold bar dropped 0.42% to VND142.9 million (US$5,497.21) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring declined 0.14% to VND143.1 million per tael. Gold prices in Vietnam have fallen 6.5% so far this year.
Globally gold prices eased on Tuesday, pressured by a firmer U.S. dollar and elevated Treasury yields, although losses were limited by easing expectations of a Federal Reserve interest rate hike this month, Reuters reported.
Spot gold slipped 0.3% to $4,127.87 per ounce. U.S. gold futures were little changed at $4,155.30.
The dollar held firm, making greenback-denominated commodities more expensive for holders of other currencies.
"Fundamentals remain supportive of gold in the long term. The next big catalyst is likely to stem from geopolitical risk in the Middle East," said Kyle Rodda, senior financial market analyst at Capital.com.
"Alternatively, a significant change in U.S. rate expectations could provide an impetus for the next break-out, so every piece of price data will be important."