Gold jewelry on display at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices climbed Wednesday morning as global bullion rates fell slightly.
Saigon Jewelry Company gold bar price went up 0.94% to VND150.7 million (US$5,713.52) per tael. Local prices are around VND21 million per tael higher than global rates.
Gold ring price gained 0.41% to VND148.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold edged lower on Wednesday due to a stronger dollar, while investors awaited minutes from the Federal Reserve’s latest policy meeting and U.S. jobs report that could shed more light on the central bank’s interest rate trajectory, Reuters reported.
Spot gold was down 0.2% at $4,059 per ounce. U.S. gold futures for December delivery edged 0.1% lower to $4,061.60 per ounce.
“Gold has somewhat had its momentum thwarted by the stronger USD and doubts about when the next Fed rate cut may arrive,” said KCM Trade Chief Market Analyst Tim Waterer.
“However a bout of risk aversion in the market has kept gold in the frame for investors as a safety play, which has limited the slide.”
Data showed on Tuesday that the number of Americans receiving unemployment benefits stood at a two-month high in mid-October.
Last month, the U.S. Fed lowered interest rates by 25 basis points, but Chair Jerome Powell signalled caution over another rate cut this year, in part due to the lack of data.
Non-yielding gold tends to do well in a low-interest-rate environment and during times of economic uncertainties.
