Gold prices fall to one-month low
Prices of gold bars branded SJC on Monday dropped VND250,000 ($10.67) to VND66.55 million per tael, the lowest in a month.
Prices of gold bars of other brands like DOJI and Phu Quy dropped further, by VND300,000-350,000.
Selling prices of gold rings also decreased VND200,000 to VND51.2 million per tael.
Prices of gold bars have declined for three straight trading sessions to the lowest over the past month. SJC gold prices are higher than the world average by some VND17.7 million per tael.
In the world market, gold dropped for a second day after Federal Reserve Chair Jerome Powell pushed back against hopes the U.S. central bank would start easing monetary policy soon, signaling instead that interest rates would keep rising and remain elevated to stamp out inflation.
Spot gold fell as much as 1% to $1,720.45 an ounce, the lowest level since July 27, and traded at $1,723.70 as of 10:21 a.m. in London, according to Bloomberg.