A person holds gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The price of SJC gold fell 0.14 percent to VND70.7 million ($2,879.48) per tael on Tuesday morning.
The price of the gold ring remained stable at 59 million VND per tael. One tael is equal to 37.5 grams or 1.2 ounces.
Globally, gold prices edged higher on Tuesday as benchmark U.S. Treasury yields retreated after rising above 5% last session, while investors awaited economic data expected later in the week to assess the outlook for American monetary policy. Reuters reported.
Spot gold rose 0.1% to $1,973.69 an ounce, while U.S. gold futures fell 0.1% to $1,985.10.
The yield on the 10-year U.S. Treasury note fell after briefly rising above 5.0 percent on Monday, hitting the July 2007 mark and further threatening an economic downturn due to rising borrowing costs.
High interest rates increase the opportunity cost of holding gold, which earns no interest.