Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold ring price edged down Tuesday afternoon while global rates jumped amid rising geopolitical risks.
PNJ of Phu Nhuan Jewelry gold ring fell 0.17% to VND116.8 million (US$4,480.76) per tael.
Gold bar was unchanged at VND119.6 million per tael.
Gold has risen 42% since the beginning of the year.
Globally gold rebounded on Tuesday as heightened geopolitical uncertainty stemming from Israel-Iran fighting and U.S. President Donald Trump’s call to evacuate Tehran led investors to seek safe-haven assets, Reuters reported.
Spot gold rose 0.3% to $3,392.29 an ounce, after dropping more than 1% on Monday.
“Market sentiment continues to swing between escalation and de-escalation regarding events in the Middle East, and these back-and-forth sentiment shifts are what is driving the gold price’s moves either side of the $3400 level,” KCM Trade Chief Market Analyst Tim Waterer said.
