A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold ring price climbed 1.44% to a new all-time high of VND74.2 million ($2,970.34) per tael Monday morning.
Meanwhile, gold bar price rose 0.24% to VND82.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold price drops to near $2,310 per troy ounce during the Asian session on Monday after touching a new record high on Friday, FXStreet reported.
Spot gold dropped 0.5% to $2,317.09 an ounce, having breached record peak last week.
The price of precious metal faces challenges primarily due to higher US Treasury yields, which weakens the non-yielding assets.
The recent gains in the U.S. dollar exert downward pressure on the price of Gold as it becomes more expensive for investors holding other currencies to purchase Gold, leading to a decrease in demand for the precious metal.
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