Gold jewelry on display at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices continued to increase on Monday afternoon following gains earlier in the session.
Saigon Jewelry Company gold bar price rose another 1.22% from the morning to VND190.9 million (US$7,290.45) per tael of 37.5 grams or 1.2 ounces.
Gold ring price went up another 0.53% to VND189.4 million per tael. It earlier gained 0.86%.
Globally, spot gold was up 1.88% at $5,376.44 an ounce compared to $5,329.39 earlier in the session.
The metal’s rise on Wednesday was fueled by the U.S.-Israel strikes on Iran, which escalated geopolitical tensions and deepened global economic uncertainty, Reuters reported.
“Unlike previous escalations in this conflict, there is fairly strong incentive here for both sides to continue to escalate potentially – and that runs the risk of leading to a pretty chaotic, uncertain and, therefore, volatile environment for more than just a few days … the dynamic for gold is pretty positive” said Kyle Rodda, senior financial market analyst at Capital.com.
However, the U.S. dollar index rose 0.27%, making gold more expensive for overseas buyers and capping the metal’s gains.
