Gold coins seen at a jewelry store in Hanoi. Photo by VnExpress/Ngoc Thanh
Vietnam gold price rose to the highest in five days Tuesday morning.
Saigon Jewelry Company gold bar went up 1.51% to VND121.3 million (US$4,668.98) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price gained 1.3% to VND116.5 million per tael. Gold has risen 44% since the beginning of the year.
Globally gold fell on Tuesday as softening trade tensions between the U.S. and its trading partners dulled the metal’s safe-haven appeal, while investors awaited U.S. economic data to assess the Federal Reserve’s policy path, Reuters reported.
Spot gold fell 0.4% to $3,329.12 an ounce as of 0211 GMT. U.S. gold futures lost 0.2% to $3,342.40.
“The risk environment has clearly improved recently, with market participants buoyed by optimism that the worst of the trade tensions may be behind us amid encouraging rhetoric around trade deals,” said IG market strategist Yeap Jun Rong.
Risks are high that the global economy will slip into recession this year, according to a majority of economists in a Reuters poll, with many saying Trump’s tariffs have damaged business sentiment.
“Longer-term structural tailwinds for gold prices are likely to keep the broader upward trend intact, supported by room for ongoing reserve diversification among emerging market central banks,” Rong said.
