A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices stood firm on Wednesday afternoon while global bullion rates inched down.
Saigon Jewelry Company gold bar price were steady at VND119.6 million (US$4,583.78) per tael while gold ring rate hovered at VND116.2 million. A tael equals 37.5 grams or 1.2 ounces.
Since the start of the year, gold bar prices have risen by 42%.
Globally, gold prices inched lower in choppy trade on Wednesday, as investors held back from placing large bets ahead of the U.S. Federal Reserve’s policy decision, while also keeping a close watch on the developments surrounding the Israel-Iran conflict, Reuters reported.
Spot gold was down 0.2% at $3,381.10 an ounce. U.S. gold futures also eased 0.2% to $3,399.30.
Iran and Israel launched new missile strikes at each other on Wednesday as the air war between the two longtime enemies entered a sixth day despite a call from U.S. President Donald Trump for Iran’s unconditional surrender.
Data on Tuesday showed U.S. retail sales dropped more than expected in May, weighed by a decline in motor vehicle purchases as a rush to beat potential tariff-related price hikes ebbed.
Meanwhile, the U.S. central bank is widely expected to leave interest rates unchanged at the end of its policy meeting later in the day.
“We maintain our forecast that structurally strong central bank buying and the boost to ETF holdings from Fed cuts will raise the gold price to $3,700/oz by end-2025 and $4,000 by mid-2026,” Goldman Sachs said in a note.
