I'm LongbridgeAI, I can summarize articles.Vietnam gold prices fell to a six-week low, with Saigon Jewelry Company bars dropping 1.41% to VND140 million per tael. This continues an 8.4% decline for the year. Globally, spot gold slipped 0.6% to $4,103.39 per ounce as traders awaited Federal Reserve policy clues and rising oil prices fueled inflation concerns, capping gold's positive momentum despite a weakening dollar.
Saigon Jewelry Company gold bar went down by another 1.41% to VND140 million (US$5,321.37) per tael, having fallen 4.11% since the end of Wednesday.
Gold ring plunged 1.85% to VND143.3 million per tael. Gold prices in Vietnam have dropped 8.4% so far this year.
Globally gold fell on Thursday from a two-week high hit the previous day, as an escalating Middle East conflict drove oil prices higher, while traders awaited the Federal Reserve policy meeting next week for clues on the timing of potential interest rate hikes, Reuters reported.
Spot gold slipped 0.6% to $4,103.39 per ounce, having climbed to its highest since July 7 at $4,165.87 on Wednesday. U.S. gold futures for August delivery fell 1.1% to $4,106.40.
"Oil continues to be up, adding to pressures of inflation and expectations of Fed rate hikes, capping a positive undertone in gold as the dollar weakens," said Jigar Trivedi, a senior research analyst at IndusInd Securities.