Saigon Jewelry Company gold bar dropped 1.15% to VND171.5 million (US$6,508.79) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring fell 1.15% to VND171.3 million per tael. Gold prices have risen 12.2% so far this year.

Globally gold ‌prices fell on Thursday, weighed down by increased expectations of U.S. Federal Reserve rate hikes this year as elevated oil prices stoked inflation worries, with investors awaiting clarity on Middle East de-escalation efforts, Reuters reported.

Spot gold fell 1.2% to $4,451.47 per ounce. U.S. gold futures for April delivery lost 2.3% to $4,448.

“You’re seeing an acceleration of the idea that… this war will ⁠mean inflation and inflation will mean a response from central banks, which will mean higher interest rates,” said Ilya Spivak, head of global macro at Tastylive.

Brent crude futures climbed back above $100 a barrel on concerns that protracted fighting in the Middle East will further disrupt energy flows.