Gold rings on display in a jewelry shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices fell slightly despite global gain Thursday afternoon.
Saigon Jewelry Company gold bar dropped 0.17% to VND119.4 million (US$4,571.21) per tael.
Gold ring declined by 0.09% to VND116.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold has risen 42% in Vietnam since the beginning of the year.
Globally gold prices gained on Thursday, as the Iran-Israel conflict entered its seventh day, while platinum rose to a more than 10-year high on expectations of a supply shortfall, Reuters reported.
Spot gold was up 0.1% at $3,371.15 an ounce. U.S. gold futures fell 0.6% to $3,388.60.
“Gold has made a modest bounce as we await the next steps in the Israel-Iran conflict. If the U.S. does decide to get directly involved, this could raise the geopolitical stakes,” KCM Trade Chief Market Analyst Tim Waterer said.
Gold is often used as a safe store of value during times of geopolitical and financial uncertainty.
