Vietnam gold prices climbed Tuesday morning as global bullion rates headed for their worst monthly drop in 17 years.
Saigon Jewelry Company gold bar price jumped 0.63% to VND174.9 million (US$6,640.34) per tael. Other sellers also adjusted their rates accordingly.
Local bullion rates are down 6.47% this month but still up 14.5% since the start of the year.
Gold ring price similarly increased to VND174.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices rose on Tuesday on hopes of de-escalation in the Middle East conflict, but were poised for their worst month in more than 17 years as higher energy prices dimmed hopes for a U.S. interest rate cut this year, Reuters reported.
Spot gold was up 1.5% at $4,578.89 per ounce. U.S. gold futures for April delivery gained 1.2% to $4,611.30.
Bullion has fallen more than 13% so far this month, putting it on track for its steepest decline since October 2008, weighed down by a stronger dollar and fading expectations of a U.S. interest rate cut this year. Prices are still up about 5% for the quarter.
The dollar eased, making greenback-denominated commodities more affordable for holders of other currencies.
“Gold prices are bouncing in early Asia-Pacific trade after U.S. President Donald Trump told aides he is willing to end the U.S. military campaign against Iran… That triggered a risk-on response from financial markets,” said Ilya Spivak, head of global macro at Tastylive.
