Gold prices dip
SJC gold price dropped 0.22% to VND67.35 million ($2,855.63) per tael Monday morning.
Gold ring price plunged VND0.62% to VND56.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices dropped 1% on Monday, with their safe-haven appeal diminished as risk sentiment improved after Swiss lender UBS sealed a deal to buy peer Credit Suisse in a rescue effort to contain a banking crisis and stabilize global financial markets, Reuters reported.
Spot gold was down 1% at $1,969.14 per ounce, retreating from its highest level since April 2022 hit earlier in the session.
On Sunday, UBS agreed to buy 167-year-old Credit Suisse for 3 billion Swiss francs ($3.23 billion) and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023.
Top central banks, faced with the risk of a fast-moving loss of confidence in the stability of the financial system, moved on Sunday to bolster the flow of cash around the world.
Asian stocks steadied and U.S futures rose on Monday in relief at a weekend rescue deal for Credit Suisse, though trade was tense and volatile as contagion fears stalked financial shares.