A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Gold prices were mostly steady on Monday morning after they plummeted from record high levels late last week.
Saigon Jewelry Company gold bar price was at VND97.4 million (US$3,798.76) per tael. It previous reached a historic high of VND100.4 million last Thursday.
Gold ring price edged up 0.1% to VND97.1 million per tael. It also hit a record VND100.7 million last Thursday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold was little changed on Monday as traders awaited fresh catalysts after a recent rally pushed prices to record highs, fuelled by geopolitical concerns and hopes of U.S. rate cuts, Reuters reported.
Spot gold was flat at $3,025.38 an ounce. U.S. gold futures rose 0.3% to $3,029.70. Bullion reached a record high of $3,057.21 on Thursday.
“Gold is still well-positioned for further upside if markets remain edgy about the possible negative growth effects of tariffs but this could be partially offset if a Russia-Ukraine ceasefire deal comes closer to fruition,” KCM Trade chief market analyst, Tim Waterer, said.
“President Trump has left some wiggle room for the reciprocal tariffs to potentially be less severe than feared, which has lowered market anxiety to a degree but … it has also sapped the gold price of a bit of momentum,” Waterer said.
Zero-yield bullion is seen as a hedge against geopolitical and economic uncertainties, as well as inflation.
