Vietnam’s gold prices rallied Friday morning amid a rise in global bullion rates.
Saigon Jewelry Company gold bar price gained 0.63% to VND158.5 million (US$6,021.57) per tael, recovering from a nearly 2% drop in the previous session.
Bullion has slipped 1.9% so far this week and is set to end the month 4.5% lower. The metal is still up 3.7% from the start of the year.
Gold ring price increased by 0.64% to VND158.3 million per tael on Friday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold edged higher on Friday as investors assessed reports of a U.S.-Iran ceasefire deal amid growing concerns around inflation and U.S. interest rate hikes, Reuters reported.
Spot gold rose 0.2% to $4,499.56 per ounce, but was down about 0.2% for the week so far. U.S. gold futures inched 0.1% lower to $4,529.80.
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A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Bullion fell to a two-month low on Thursday before closing higher on reports of a U.S.-Iran ceasefire extension.
“Yesterday, we saw gold went down to $4,360 and was likely to go down further until the (ceasefire) announcement came, due to which we suddenly saw the reversal of prices. This is where the market continues to be this morning,” said GoldSilver Central Managing Director Brian Lan.
Source:e.vnexpress.net
