Gold prices hit 3-week low amid global selloff

Vietnam gold prices fell to a three-week low Thursday morning as global rates declined.

Vietnam gold prices fell to a three-week low Thursday morning as global rates declined.

The Saigon Jewelry Company gold bar was priced at VND78.5 million ($3,121.90) per tael at 11 a.m., down 0.63% from Wednesday.

It has fallen to the lowest since July 17.

Gold ring price was unchanged at VND77.3 million per tael.

Globally spot gold has dropped 2.98% to $2,395.25 per ounce amid a global financial selloff and concerns about a potential U.S. recession.

"Panic triggered by the Japanese Yen and the Bank of Japan has contributed to a sell-off in gold," said analyst Jateen Trivedi said in a report by business publication Mint.

But the safe-haven metal inched up 0.3% Thursday morning, supported by Middle East tensions and optimism surrounding U.S. rate cuts, Reuters reported.