Gold Prices Go Down

The price of gold at Saigon Jewelry Company started the week lower. It was 0.34% lower at VND148 million. This is about US$5,630.05 per tael.

The price of a gold ring went down by about the same rate. It is now VND147.9 million per tael. A tael is 37.5 grams or 1.2 ounces.

Gold prices went down on Monday. This happened because of recent fights between the US and Iran in the Gulf. Oil prices went up, and people think the US will raise interest rates.

The price of gold is down 0.7%. It is now $4,061.35 per ounce. US gold futures for August are down 0.5%. They are now $4,076.40.

Someone is holding gold bars at a store in Ho Chi Minh City.

There were more fights between the US and Iran over the weekend. This makes people doubt how long oil prices will stay low. It also affects inflation and interest rates, said Tim Waterer.

When oil prices are high, it can cause inflation. This means interest rates might go up. Gold is usually a good investment when inflation is high, but not when interest rates are high.

Gold might reach $5,000 again this year. But this would happen if there is less fighting, oil prices go back down, and the dollar gets weaker, said Waterer.

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