A person holds gold bars at a jewelry shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Vietnam gold price gained slightly Saturday morning as the precious metal rose globally ahead of a trade meeting between U.S. and China.
Saigon Jewelry Company gold bar increased by 0.41% to VND122 million (US$4,696.19) per tael.
Gold ring was steady at VND116.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold price has risen by nearly 45% since the beginning of the year.
Globally gold rose over 1% on Friday as the dollar ticked lower, while the market digested comments on tariffs from U.S. President Donald Trump ahead of a weekend meeting between the U.S. and China, Reuters reported.
Spot gold was up 1.1% at $3,340.29 an ounce and has gained 3.1% so far this week.
Bullion, known as a hedge against geopolitical and economic uncertainties, has risen more than 27% since the start of the year.
“Obviously, the overall continued uncertainty in regards to tariffs remains probably the most significant underpinning behind gold,” said David Meger, director of metals trading at High Ridge Futures.
“We’re not quite as favourable towards gold as we have been over the course of the past several months. We could be moving into a period of more consolidation or retracement for a period of time.”
