Vietnam gold prices rose slightly Tuesday morning as the precious metal continued its climb on global markets.
Saigon Jewelry Company gold bar went up 0.42% to VND144.8 million (US$5,528.41) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 0.21% to VND145.6 million per tael. Gold prices have fallen 5% so far this year.
Globally gold rose for a third straight session on Tuesday as fears of a U.S. interest rate hike next month eased, with investors awaiting minutes from the Federal Reserve’s latest meeting for fresh clues on the monetary policy path, Reuters reported.
Spot gold was up 0.2% at $4,424.28 per ounce, while U.S. gold futures for December delivery edged 0.2% higher to $4,480.90.
The U.S. dollar lingered around multi-month lows against most major currencies. A weaker U.S. currency makes dollar-priced metals less expensive for holders of other currencies.
Gold is extending its gains “after last week’s soft U.S. economic data, which has raised hopes that the Fed will keep rates on hold this year,” IG market analyst Tony Sycamore said.
Bullion tends to perform well in a low-interest-rate environment as it reduces the opportunity cost of holding non-yielding assets.
