Gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar prices went up Wednesday afternoon following a drop ealier in the week while global rates rose.
Saigon Jewelry Company gold bar gained 0.24% to VND124.2 million (US$4,729.27) per tael. It previously fell 0.4% on Monday from a record high of VND124.4 million.
Gold ring price was steady at VND119 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold edged higher on Wednesday, supported by a weaker dollar after mild U.S. inflation data cemented bets for an interest rate cut in September, while investors awaited this week’s U.S.-Russia talks over the war in Ukraine, Reuters reported.
Spot gold was up 0.3% at $3,355.30 per ounce. U.S. gold futures for December delivery gained 0.2% to $3,405.50.
“The fall in the USD enabled a moderate bounce in the gold price, with the precious metal oscillating around the $3,350 level ahead of the Trump-Putin meeting on Friday,” said Tim Waterer, chief market analyst at KCM Trade.
“If the meeting in Alaska doesn’t resolve anything and the war in Ukraine continues, gold could be making a push back towards $3,400 once again.”
Data released on Tuesday showed that the U.S. Consumer Price Index (CPI) rose 0.2% in July, following a 0.3% increase in June. On a year-over-year basis, the CPI climbed 2.7%.
The dollar index extended declines, making greenback-denominated assets more affordable to holders of other currencies.
