A person arranges gold jewelry in a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The price of SJC gold fell 0.07% to 68.35 million VND ($2,840.52) per tael on Thursday morning, while hovering around its highest level since January 27.
The price of the gold ring increased by 0.05% to 57.08 million VND per tael. One tael is equal to 37.5 grams or 1.2 ounces.
Globally, gold hovered near a one-week low on Thursday after five consecutive sessions of declines, while the dollar held on to its mid-March high after data showed that the US services sector expanded unexpectedly in August. Reuters reported.
Spot gold rose 0.1% to $1,917.99 an ounce, its lowest level since August 29. U.S. gold futures fell 0.1% to $1,942.20.
Federal Reserve Bank of Boston President Susan Collins said that while there are signs of progress in slowing inflation, the central bank should proceed with caution when it comes to its next monetary policy measures.
Higher U.S. interest rates increase the opportunity cost of holding gold, which earns no interest.