Vietnamese gold bar rates experienced a climb on Monday morning, following a decrease over the weekend. Saigon Jewelry Company, a notable gold bar trader in the region, saw prices rise by 0.33%, bringing their rates up to VND151.5 million (US$5,750.62) per tael after their 1.31% fall over the weekend. Similarly, Asia Commercial Bank-branded bullion also saw its prices on par with the rates of Saigon Jewelry Company.
Domestic gold bar prices now stand at VND15.5 million per tael higher than global rates. Meanwhile, the price for gold rings remained steady, circling around VND150.2 million per tael. Here, a tael is the equivalent of 37.5 grams or 1.2 ounces.
In the global market, gold prices saw a slight ascent on Monday, influenced by the probability of more U.S. interest rate reductions. Investors with their eyes on the gold market are currently waiting for the release of U.S. inflation data along with the U.S.-China trade negotiations for further cues on market direction this week.
Spot gold had an uptick of 0.1%, standing at $4,253.33 per ounce, while U.S. gold futures for December delivery saw an increase of 1.3%, adjusting to $4,266.30 per ounce.
Spot silver experienced a rise of 0.5% to reach $52.12 per ounce. This came after prices took a 4.4% fall on Friday, marking their worst session since early April, despite hitting a record peak of $54.47 earlier that day.
Kyle Rodda, a market analyst from Capital.com, remarked, “The gold market is trying to find its footing after Friday’s selloff. Sentiment is normalizing, cooling down a bit, after a few weeks of mania.” Gold experienced about a 1.8% plunge on Friday, marking the steepest fall since mid-May, following U.S. President Donald Trump’s statement that his proposed 100% tariff on goods from China would not be sustainable.
Why did the gold bar prices in Vietnam increase on Monday?
The increase in gold bar prices on Monday followed a decline over the weekend. This is a common market fluctuation.
How are global gold prices performing?
Global gold prices saw a slight increase on Monday, influenced by the potential for more U.S. interest rate cuts. Investors are also waiting on U.S. inflation data and U.S.-China trade discussions for further market direction.
What caused the drop in gold prices on Friday?
Gold prices fell after a statement from U.S. President Donald Trump suggested that his proposed 100% tariff on goods from China would not be sustainable, leading to market uncertainty.
