A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Gold ring price in Vietnam fell marginally Tuesday afternoon as global rates eased.
It dropped 0.44% to VND114 million (US$4,391.79) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold bar was steady at VND119.3 million per tael.
Gold has surged nearly 42% so far this year.
Globally gold prices eased on Tuesday, as a slightly firmer dollar and optimism over a potential ceasefire between Russia and Ukraine dampened demand for safe-haven assets, Reuters reported.
Spot gold was down 0.5% at $3,214.17 an ounce. U.S. gold futures slipped 0.6% to $3,215.60.
“We are seeing buyers emerge on dips below $3,200. However, I think we are due a bigger pullback, especially if there’s further easing in geopolitical risks and we see upward pressure on yields building from U.S. fiscal policy,” said Kyle Rodda, Capital.com’s financial market analyst.
Gold, considered a safe asset amid geopolitical and economic uncertainties, has hit multiple record highs this year en route to its 22% surge so far this year.
