Saigon Jewelry Company gold bar dropped 2.51% to VND178.4 million (US$6,779.15) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price dropped 2.52% to VND178.1 million per tael. Gold prices in Vietnam have risen 17% so far this year.

Globally spot gold was down 1% to $4,844 per ounce, after falling up to 4% in the previous session as the Federal Reserve warned that the Middle East conflict and rising energy prices could fuel inflationary pressures, according to market data platform Mint.

Spot silver prices plunged 2.45% to $75.6 per ounce, during the Asian trading hours on Thursday.

The Federal Reserve left interest rates unchanged at its meeting on Wednesday and signaled that one rate cut could be possible this year.

However, Chair Jerome Powell stressed that any easing would hinge on clear evidence of moderating inflation. In its statement, the Fed said the ongoing conflict has added uncertainty to the outlook for the U.S. economy.