A person holds a gold ring in a jewelry store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar prices held steady Wednesday morning as global bullion rates climbed.
Saigon Jewelry Company gold bar price was at to VND117.2 million (US$4,496.46) per tael.
Gold ring price stood at VND113.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices climbed on Wednesday as uncertainty over U.S.-China trade relations and global economic concerns boosted safe-haven demand, Reuters reported.
Spot gold was up 0.3% at $3,361.03 an ounce. U.S. gold futures were up 0.2% at $3,384.20.
“We potentially see dip-buyers coming back into the picture and… things are still uncertain, especially surrounding the trade relationship between China and U.S. and even in EU and U.S. as well,” said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA.
Gold is considered a safe-haven asset during economic uncertainties.
Global economic concerns deepened after the Organisation for Economic Cooperation and Development (OECD) warned on Tuesday of sharper-than-expected economic slowdown, as the Trump administration’s trade policies weigh heavily on the U.S. economy.
“(The OECD report) for sure will be another supporting factor to see safe demand being heated up as well from a medium-term perspective,” Wong said.
