Gold jewelry seen in a store in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices rose marginally Saturday morning amid a week loss of the precious metal on global markets.
Saigon Jewelry Company gold bar went up 0.61% to VND147.5 million (US$5,609.44) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring increased by 0.21% to VND146.6 million per tael. Gold prices in Vietnam have fallen 3.5% so far this year.
Globally gold rose on Friday but was on track for its biggest weekly loss in six weeks as escalating U.S.-Iran tensions drove energy prices higher, fuelling inflation fears and reinforcing expectations of U.S. interest rate hikes, Reuters reported.
Spot gold was up 1% at $4,011.29 per ounce by 2:20 p.m. Prices touched their lowest level since June 30 earlier in the session and were down around 2.6% so far for the week. U.S. gold futures for August delivery settled 0.7% higher at $4,018.80.
The U.S. dollar rose for a second straight session, making bullion more expensive for overseas buyers.
“The main drivers of the selloff in gold have been a stronger U.S. dollar and higher global inflation fears, which have sent global interest rates higher,” said Chris Gaffney, president of world markets at EverBank.
Sourcee.vnexpress.net
