Vietnam gold prices rose slightly Thursday morning amid a marginal increase of the precious metal on global markets.
Saigon Jewelry Company gold bar went up 0.71% to VND142.5 million (US$5,416.40) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 1.06% to VND143.5 million per tael. Gold prices in Vietnam have fallen 6.7% so far this year.
Globally gold prices edged higher on Thursday, as markets assessed comments from U.S. Federal Reserve Chairman Kevin Warsh on tackling inflation after the central bank left interest rates unchanged at its latest policy meeting, Reuters reported.
Spot gold was up 0.3% at $4,076.29 per ounce after rising as much as 2% on Wednesday. U.S. gold futures for August delivery gained 1% to $4,073.60.
On the geopolitical front, the U.S. carried out fresh strikes in Iran on Wednesday, the U.S. military said, further intensifying a five-month-old war that was already expanding beyond its main fronts to embroil additional countries in the region.
Oil prices gave up some of their gains on Thursday as oil tankers continued to make their way out of the Middle East.
Gold is unlikely to sustain the latest gains for an extended period, analysts at TD Securities said in a note.
“The yellow metal is likely to drift back toward $3,900 per ounce as oil remains under pressure to move even higher through the summer.”
