A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold price rose modestly Tuesday morning as global rates hover around the lowest in a week.
Saigon Jewelry Company gold bar went up 0.67% to VND120 million (US$4,623.92) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price was unchanged at VND115 million per tael. Gold price has risen 42.5% since the beginning of the year.
Globally gold prices hovered near a more than one-week low hit in the previous session, as a U.S.-China agreement to temporarily halt reciprocal tariffs boosted risk appetite, diminishing gold’s safe-haven appeal, Reuters reported.
Spot gold held steady at $3,230.99 an ounce. Bullion recorded a 2.7% decline in the previous session.
“The prospect of better trade relations between the world’s two largest economies has caused a pick-up in risk appetite and a pullback in safe haven demand,” said KCM Trade Chief Market Analyst Tim Waterer.
However, “the consolidation move in the dollar has allowed the gold price to make a mild push higher,” Waterer said.
