Saigon Jewelry Company gold bar price rose 0.18% to VND163.8 million (US$6,214.2) per tael, rebounding from a five-month low hit last week.
Gold ring price was firm at VND163.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices steadied on Monday, as investors bought the metal after it slipped to a more than 1-1/2-month low following inflation fears that triggered a rout in the global bond market, Reuters reported.
Spot gold was steady at $4,539.48 per ounce after hitting its lowest level since March 30 earlier in the session. U.S. gold futures for June delivery lost 0.4% to $4,543.
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Gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Markets are increasingly pricing in a U.S. Federal Reserve rate hike before year-end. Expectations of higher rates put pressure on gold prices as the yellow metal does not yield interest.
J.P. Morgan said late on Sunday that it has lowered its 2026 average gold price forecast to $5,243 per ounce from $5,708, citing weaker near-term demand for the precious metal.
“Gold is stuck in a bit of a technical no-man’s land, trudging above the 200-day moving average around $4,340/oz and capped for now below the 50-day moving average at $4,730/oz,” the bank said.
