Gold rings seen in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices rose slightly Monday afternoon while global rates remained mostly flat.
Saigon Jewelry Company gold bar went up 0.27% to VND183.1 million (US$6,964.49) per tael.
Gold ring price inched up 0.27% to VND182.8 million per tael. Gold prices in Vietnam have risen 19.8% so far this year.
Globally gold prices were steady on Monday after paring a near 1% fall earlier in the session, as a softer dollar and safe-haven demand helped offset waning hopes of near‑term U.S. interest rate cuts due to elevated energy prices, Reuters reported.
Spot gold edged up 0.2% to $5,027.98 per ounce, recovering from a more than three-week low hit earlier in the session. U.S. gold futures for April delivery fell 0.6% to $5,031.60.
The U.S. dollar nudged lower, making greenback-priced commodities, such as bullion, cheaper for holders of other currencies.
“Gold prices are holding broadly steady as the market navigates competing macro forces. Safe-haven demand amid ongoing geopolitical tensions continues to lend support, but rising oil prices have also revived inflation concerns,” said Christopher Wong, a strategist at OCBC.
