Vietnam gold prices continued to fall on Thursday, reaching the lowest point since September 28, even as international prices bounced back from a six-month low.
The Saigon Jewelry Company reported a decrease of 1.66% in the price of its gold bars and rings, now at VND136 million (US$5,166.88) per tael. Overall, gold rates have fallen by 11% this year within Vietnam.
Gold prices worldwide recovered from a six-month trough on Thursday due to covering of short positions, as investors awaited an important U.S. inflation data release that might provide further insight into the Federal Reserve's monetary strategy. Reuters reported.
Gold prices increased by 0.4% to reach $4,089.12 per ounce, following a drop to its lowest level since November 21 at $4,022.09 during the session. U.S. gold contracts for August shipment declined 0.5% to $4,111.10.
"With prices rapidly approaching $4,000, this is clearly a key point where supporters might rush to secure gains or encourage struggling buyers to return," noted Matt Simpson, a senior analyst at StoneX.
The U.S. dollar index did not make significant progress after Wednesday's CPI data. Therefore, provided there are no unexpected issues in the PPI - gold might experience a short-term technical rebound.
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