Gold products seen in a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Vietnam gold prices rose Saturday morning as the precious metal closed the week 2% lower.
Saigon Jewelry Company gold bar went up 0.48% to VND168.8 million (US$6,403.65) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 0.48% to VND168.3 million per tael. Gold prices in Vietnam have risen 10.5% so far this year.
Globally gold rose on Friday, but was on track for its first weekly loss in the last five weeks, as lingering inflation concerns and the uncertain state of the U.S.-Iran war kept markets on edge, Reuters reported.
Spot gold was up 0.6% at $4,721.15 per ounce, having risen more than 1% earlier in the session, and is down more than 2% so far this week.
“Gold saw a fall (this week) because the oil price was going higher, so were expectations of higher rates, the dollar, yields, all correlated,” said UBS analyst Giovanni Staunovo.
