Saigon Jewelry Company reported a significant surge in the price of gold rings, marking a 1.44% increase to an unprecedented peak of VND74.2 million ($2,970.34) per tael on Monday morning. Similarly, the price of gold bars witnessed a rise of 0.24%, reaching VND82.1 million per tael. Notably, one tael is equivalent to 37.5 grams or 1.2 ounces.
On a global scale, the price of gold experienced a decline, nearing $2,310 per troy ounce during Monday’s Asian session, following a recent record high reached on Friday, as reported by FXStreet.
Spot gold exhibited a decrease of 0.5%, settling at $2,317.09 per ounce after surpassing its previous record peak the previous week.
The gold market faces significant challenges, primarily stemming from the escalation in US Treasury yields, which adversely affects non-yielding assets.
Furthermore, the recent uptick in the value of the US dollar has placed downward pressure on gold prices. This trend is attributed to the increased expenses for investors holding alternative currencies seeking to acquire gold, consequently dampening demand for the precious metal.