Gold prices plummet from peak

Vietnam gold bar price fell to VND90.2 million (US$3,524.13) per tael Wednesday morning, down 2.28% from the record high it reached the previous day.

It reached an all-time high of VND92.3 million per tael on Tuesday morning before plunging to VND90.5 million that afternoon.

Gold ring price dived to VND89.7 million per tael from Tuesday’s historic peak of VND91.7 million. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices retreated on Wednesday from an all-time high hit in the previous session, as Federal Reserve Chair Jerome Powell’s hawkish comment cemented views of slower rate cuts this year, while investors awaited a key U.S. inflation report.

Spot gold fell 0.4% to $2,885.53 per ounce. Bullion climbed to a record high of $2,942.70 on Tuesday. U.S. gold futures eased 0.8% to $2,910.70.

Powell said on Tuesday the economy is in a good place and the Fed isn’t rushing to cut interest rates further, but is prepared to do it if inflation drops or the job market weakens.

Bullion is considered a hedge against inflation, but higher interest rates dampen the non-yielding asset’s appeal.

“The bullish trend (in gold) remains intact given the tariff picture uncertainty and the resulting safe-haven flows, which could keep underpinning the precious metal,” said Tim Waterer, chief market analyst at KCM Trade.