Vietnam gold bar prices edged higher Wednesday morning as global bullion prices recovered slightly after falling in the previous session.
In a bright turn of events, the price of gold bars from Saigon Jewelry Company climbed by 0.25%, reaching VND118.3 million (approximately US$4,560.52) per tael. Meanwhile, the price for gold rings remained steady at VND114 million per tael, with one tael equivalent to 37.5 grams or 1.2 ounces.
On the international stage, gold prices enjoyed a modest uptick as investors seized the opportunity to buy on the dip, even as easing U.S.-EU trade tensions constrained further gains. The market now eagerly anticipates the upcoming U.S. core Personal Consumption Expenditures report for hints on future interest rates, as noted by Reuters.
The spot gold price rose by 0.3% to $3,308.99 an ounce, making a slight recovery after a 1% plunge in the previous session. U.S. gold futures also saw an increase of 0.2%, now valued at $3,308.30.
“Gold’s dip below $3,300 attracted some buyers. However, the overall market sentiment remains upbeat with diminishing U.S.-EU trade tensions, which is limiting gold’s upside potential for the time being,” stated Tim Waterer, chief market analyst at KCM Trade. He also added, “If support holds in the $3,250-$3,280 range, gold could be well-positioned to rally towards $3,400 should risk appetite wane.” It’s almost like waiting to see if the stock market will need its morning coffee!
What factors contributed to the rise in Vietnam’s gold bar prices?
Prices increased due to a slight recovery in global bullion prices following a previous decline, as well as local market dynamics.
What is the current price of a tael of gold in Vietnam?
As of Wednesday morning, a tael of gold from Saigon Jewelry Company is priced at VND118.3 million, which is about US$4,560.52.
How are global market trends affecting local gold prices?
Easing trade tensions between the U.S. and EU have contributed to a generally upbeat market sentiment, somewhat capping potential gains in gold prices.
