Vietnam gold prices rose Tuesday morning as the precious metal rebounded on global markets after plunging to the lowest in a week.
Saigon Jewelry Company gold bar went up 0.87% to VND173 million (US$6,569.33) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price increased by 0.47% VND172 million per tael. Gold prices in Vietnam have risen 13% this year.
Globally gold rebounded on Tuesday from a near one-week low hit the day before, as oil prices fell on hopes of further U.S.-Iran peace talks, easing inflation fears, Reuters reported.
Spot gold was up 0.6% at $4,768.19 per ounce, after hitting its lowest level since April 7 in the previous session. U.S. gold futures for June delivery rose 0.5% to $4,790.70.
The U.S. dollar hovered near its lowest level in more than a month, making the greenback-denominated gold more affordable for holders of other currencies.
“Near-term, a thin macro calendar might make U.S.-Iran headlines the driving engine. That sets the stage for choppy price action for now,” Spivak said, adding that gold could face resistance around $4,850 levels.
