Gold statues and coins are sold in a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Vietnam gold bar price Tuesday morning struggled to bounce back to a historic peak achieved in April as global rates dropped from a near four-week high.
Saigon Jewelry Company gold bar inched up 0.17% to VND118 million (US$4,529.31).
Gold ring went up 0.18% to VND114 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold has risen 40% since the beginning of the year.
Globally the dollar fell, retreating from near a four-week high, as a modest rise in the dollar weighed on the metal, although uncertainty over the U.S.-China trade agreement kept investors cautious and limited the bullion’s decline, Reuters rerported.
Spot gold fell 0.5% to $3,362.57 an ounce, after hitting its highest level since May 8 earlier in the session. U.S. gold futures were down 0.3% to $3,386.60.
“Dollar recovered slightly and gold came down so it has been inversely correlated at this point of time,” said Brian Lan, managing director at GoldSilver Central, Singapore.
However, gold is still closely tracking developments around global trade, and while investors have slightly reduced their positions in gold, it is not to the extent seen in previous instances when tensions appeared to ease, said Lan.
