Saigon Jewelry Company gold bar price started the week down 0.34% to VND147.1 million (US$5,652.91) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price saw a similar drop to VND146.6 million per tael.

Globally, gold prices edged down on Monday as market participants assessed developments in the Middle East and their potential impact on inflation and interest rates. Spot gold was 0.3% lower at $4,366.64 an ounce.

Investors were reassured by Fed Chair Kevin Warsh's rate hike last week, despite repeated calls from President Donald Trump for lower rates.

"We've largely moved past the Fed independence narrative following Warsh's hike, meanwhile the forward guidance on rates came in broadly as expected," leaving gold with "no real narrative and relatively few fresh catalysts in the near term," said Justin Lin, an analyst at Global X ETFs, as quoted by Bloomberg.

Oil prices slipped on hopes diplomacy in the Iran war will get a chance this week amid a United Nation meet and as investors watched for a partial recovery in shipments from Saudi Arabia despite ongoing attacks by Yemen's Houthis.

"The focus remains on geopolitics, oil and the reaction in bond yields," Reuters quoted Tim Waterer, chief market analyst at KCM Trade, as saying. "For gold to gain meaningful upside traction, a clear move lower in oil and/or bond yields is likely required."