Gold prices gain – VnExpress International
Vietnam’s gold prices rose Monday morning as global bullion rates bounced back from a one-week low.
Saigon Jewelry Company gold bar price gained 1.02% to VND148.7 million (US$5,594.85) per tael.
Local bullion rates are around VND15 million per tael higher than their global counterpart.
Gold ring price also went up 1.02% to VND148.6 million per tael on Monday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold on Monday rebounded from a more than one-week low hit in the last session, as oil prices fell after Iran cited progress in U.S.-Iran peace talks, though bets of higher interest rates after hawkish U.S. Federal Reserve signals weighed on the metal’s outlook, Reuters reported.
Spot gold was up 0.9% at $4,197.41 per ounce after falling to its lowest level since June 11 on Friday. U.S. gold futures for August delivery fell 0.7% to $4,215.90.
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Gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
“We’re going to be trading on geopolitical guidelines for a little while longer but the situation is fluid so perhaps best to watch the action from the sidelines for now,” said Edward Meir, an analyst at Marex.
Brent crude futures fell over 1%. Elevated oil prices stoke inflation concerns and raise expectations of higher interest rates. Gold tends to lose appeal when rates are high, as it does not yield interest.
