Gold jewelry on sale at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices were stable on Monday while global bullion rates steadied after hitting a near two-week low earlier in the day.
Saigon Jewelry Company gold bar price stood at VND121.1 million (US$4,624.26) per tael.
Gold ring rate was also unchanged at VND117 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices steadied on Monday, with gains curbed by improved risk sentiment after a trade deal between the U.S. and European Union, while investors looked forward to the U.S. Federal Reserve policy meeting later this week, Reuters reported.
Spot gold was flat at $3,336.75 per ounce after touching its lowest level since July 17 earlier in the day. U.S. gold futures were unchanged at $3,336.30 per ounce.
“There are two offsetting factors keeping gold in balance. The (U.S.-EU) trade deal weighs on demand for safe-haven assets,” said UBS commodity analyst Giovanni Staunovo, as cited by Reuters.
“At the same time the deal removes some inflation uncertainty for the Fed, eventually allowing the Fed to cut rates later this year, which normally is gold supportive.”
