Gold jewelry seen in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices rose Saturday morning following a gain of the precious metal on the global market, driven by the reopening of the Strait of Hormuz.
Saigon Jewelry Company gold bar went up 0.58% to VND172 million (US$6,531.24) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 0.59% to VND171.5 million per tael. Gold prices in Vietnam have risen almost 13% so far this year.
Globally gold prices extended gains on Friday, supported by a weaker dollar and comments from Iran’s foreign minister that passage through the Strait of Hormuz remains open during the ceasefire, which pushed oil prices lower and eased some inflation concerns, Reuters reported.
Spot gold was up 1.5% at $4,861.32 per ounce, rising more than 2% so far this week.
“Reopening the strait was a key event, and with oil prices under pressure, it is expected to ease inflation concerns and revive expectations of interest rate cuts – all good news for gold,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Gold prices could see short-term gains back above the $5,000 per ounce level, he added.
