Gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar prices rose on Monday afternoon as global bullion rates recovered from a one-month low.
Saigon Jewelry Company gold bar went up 0.25% to VND119.5 million (US$4,578.98) per tael.
Gold ring price was stable at VND115.7 million. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold reversed course and edged higher on Monday, supported by a weaker dollar, after hitting a more than one-month low earlier as easing U.S.-China trade tensions dampened safe-haven demand and bolstered risk appetite, Reuters reported.
Spot gold rose 0.5% to $3,290 per ounce after hitting its lowest since May 29 earlier in the session. U.S. gold futures were up 0.4% at $3,301.
“There is less of a ‘doom and gloom’ outlook surrounding both tariff talks and events in the Middle East, which is relegating gold to play second fiddle to risk assets,” KCM Trade Chief Market Analyst Tim Waterer said.
“The dollar remains pressured, which is limiting the extent of the slide for gold. However, the $3,250 level shapes as a key support level for gold. Any breach of this level could see losses accelerate towards the $3,200 level,” Waterer said.
