Saigon Jewelry Company gold bar price slid 1.97% to VND168.6 million (US$6,495.62) per tael of 37.5 grams or 1.2 ounces.

Local bullion rates have fallen 11.9% from its all-time peak of VND191.3 million per tael reached last Thursday. They are currently around VND18 million per tael higher than global rates.

Gold ring price dropped 1.69% to VND168.1 million per tael.

Globally, gold extended its fall on Monday with increases in CME precious metals margin ‌requirements set to take effect on session close weighing on prices, while investors gauged U.S. President Donald Trump’s Fed chair pick Kevin Warsh’s approach to rate cuts, Reuters reported.

Spot gold was down 3.3% at $4,703.27 per ounce after falling more than 5% earlier in the session to hit its lowest in more than ‌two weeks. Bullion had scaled a record high of $5,594.82 on Thursday. U.S. gold futures for April delivery were down 0.3% at $4,729.20 per ounce.

“The Warsh nomination, whilst likely being the initial trigger, did not justify the size of the downward move in precious metals, with forced liquidations and ‍margin increases having a cascading effect,” said KCM Chief Trade analyst Tim Waterer.

CME Group announced hikes in margins on its metal futures on Saturday and the changes are set to take effect after market close on Monday.

An increase in margin requirements is generally ‌negative for ‌the affected contracts, as the higher capital outlay can dampen speculative participation, reduce liquidity, and pressure traders to unwind positions.