A person holds gold bars in a jewelry shop in Hanoi. Photo by VnExpress/Quynh Tran
Vietnam gold prices remained stable on Monday while global bullion rates went down slightly.
Saigon Jewelry Company gold bar price stood at VND123.8 million (US$4,716.9) per tael.
Gold ring price was at VND119.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged lower on Wednesday due to a slightly firmer dollar, while investors held back from making big bets ahead of U.S. President Donald Trump’s decision on appointments to the Federal Reserve, Reuters reported.
Spot gold was down 0.1% at $3,376.69 per ounce after hitting a near two-week high on Tuesday. U.S. gold futures fell 0.1% to $3,432.40.
The dollar rebounded from a one-week low hit in the previous session following weak U.S. jobs data that raised rate-cut hopes in September, reducing gold’s appeal to holders of other currencies.
“Gold has been caught between conflicting forces. The drop in yields has helped, but the U.S. dollar has managed to hold up well despite Friday’s selloff. That has produced the range we’re now seeing, as prices wait for conviction across the catalysts,” said Ilya Spivak, head of global macro at Tastylive, as cited by Reuters.
