A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices rose little Thursday morning as global rates inched up against a weaker dollar.
Saigon Jewelry Company gold bar went up 0.25% to VND119.8 million (US$4,584.94) per tael.
Gold ring gained 0.34% to VND116.7 million per tael. Gold has risen 42.3% since the beginning of the year.
Globally gold prices edged higher on Thursday, lifted by a weaker dollar and growing uncertainty after reports suggested U.S. President Donald Trump had considered replacing Federal Reserve Chair Jerome Powell as early as September or October, Reuters reported.
Spot gold was up 0.2% at $3,339.20 per ounce. U.S. gold futures rose 0.3% to $3,353.10.
The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers.
Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment.
“Trump clearly wants a dovish Fed Chairman next time around, so the increased likelihood of an aggressive rate-cutting cycle is pinning down the USD,” KCM Trade Chief Market Analyst Tim Waterer said.
“Gold is just basically treading water for the moment until we get a read on the next batch of U.S. macro data including GDP and core PCE,” he added.
