A person holds gold jewelry in a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold price rose Saturday morning after global rates dipped to the lowest in a week.
Saigon Jewelry Company gold bar went up 0.25% to VND119.7 million (US$4,581.20) per tael.
Gold ring gained 0.26% to VND116.5 million per tael.
Gold price has surged 42% since the beginning of the year.
Globally gold prices were steady on Friday and poised for a weekly loss after U.S. President Donald Trump delayed a decision on entering the Israel-Iran conflict, Reuters reported.
Spot gold was little changed at $3,368.68 an ounce, its lowest since June 12, while the index was down 1.8% for the week.
“Gold is holding steady as Trump backtracks on an ‘imminent’ attack on Iran. For the moment, it seems all the bad news is out,” said Tai Wong, an independent metals trader.
“A drawdown towards $3,250/oz is possible, but dips have been aggressively bought in this gold rally.”
Gold is traditionally considered a hedge during times of political and economic uncertainty.
