Gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices rose on Monday afternoon after a steep drop over the weekend while global bullion rates held steady.
Saigon Jewelry Company gold bar price went up 0.43% to VND117.7 million (US$4,500.77) per tael, partically reversing the 0.68% drop last Saturday.
Gold ring price gained 0.26% to VND113.8 million per tael, following a 0.7% drop over the weekend. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices steadied on Monday as investors refrained from making significant bets, with optimism building ahead of U.S.-China trade talks later in the day that could ease tensions between the two nations, Reuters reported.
Spot gold edged 0.1% higher at $3,313.54 an ounce. U.S. gold futures lost 0.4% to $3,333.80.
“Short-term traders do not want to take aggressive long positions right now ahead of the outcome of the U.S.-China talks,” said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA.
Although tariffs won’t disappear, the talks may lower the baseline, Wong said, adding that the cost of doing business in the U.S. will remain elevated, and the widening U.S. budget deficit could exacerbate inflationary pressures.
Meanwhile, Trump said a decision on the next Fed chair would be announced soon, adding that a “good Fed chair” would lower rates.
The bullion, a safe-haven asset, often thrives during uncertainties and in low-interest-rates environment.
On the technical front, spot gold is expected to retest support at $3,296, a break below which could open the way towards $3,262, according to Reuters technical analyst Wang Tao.
