Gold rings on display in a jewelry shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices recovered Thursday morning after tumbling Wednesday.
Saigon Jewelry Company gold bar price jumped 1.67% to VND121.5 million (US$4,668.86) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price went up 0.78% to VND116.8 million per tael.
Globally spot gold slipped 3% to $3,281.6 an ounce after hitting record highs in recent sessions, Reuters reported.
“A softening of the stance on tariffs and trade policy with China and maybe a signal of willingness to try to find a deal, to walk back from the peak tensions, is exactly what the market wants to hear,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Southfield, Michigan.
U.S. President Donald Trump’s multi-front tariff war has roiled markets in recent weeks as investors worried it could push the economy into recession, while his criticism of Federal Reserve Chair Jerome Powell has added to investor concerns about U.S. assets.
