Vietnam gold prices rose Monday morning amid an over 1% increase in global bullion rates.
Saigon Jewelry Company gold bar price gained 1.06% to VND143 million (US$5,433.76) per tael.
Gold ring price similarly climbed to VND142.5 million per tael on Friday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold rose more than 1% on Monday as a pause in Middle East hostilities sent oil prices lower, alleviating some inflation concerns, while investors awaited the U.S. Federal Reserve’s policy decision, Reuters reported.
Spot gold rose 1.4% to $4,110.56 per ounce. U.S. gold futures gained 1% to $4,112.10.
The U.S. dollar index was down 0.3%, making greenback-priced metals more affordable for other currency holders. Oil prices were down more than 4% for the day.
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Gold bars at a store in Ho Chi Minh City, Vietnam. Photo by VnExpress/Quynh Tran |
“Gold is a clear beneficiary today of the dual price action in oil and the U.S. dollar, both of which have dropped on de-escalation hopes between the U.S. and Iran. Lower oil is easing inflation concerns,” said Tim Waterer, chief market analyst at KCM Trade.
“Longer term, I remain constructively bullish on gold. Gold’s immediate fate is closely tied to where oil prices head from here and the path higher is likely to remain volatile and heavily influenced by geopolitical headlines until a more durable peace takes hold.”
