A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold ring price fell by 0.56% Wednesday morning to VND88.2 million (US$3,473.81) per tael while global bullion rates were steady.
Gold bar price was unchanged at VND89 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold held steady on Wednesday as investors keenly awaited the outcome of a tightly contested U.S. presidential race, Reuters reported.
Spot gold held its ground at $2,745.42 per ounce. Bullion hit a record high of $2,790.15 last Thursday.
U.S. gold futures edged 0.2% higher to $2,754.10.
It is 95% about the U.S. election this week, with a 5% splash of the Federal Reserve to add a touch of spice, said Kyle Rodda, financial market analyst at Capital.com.
“Gold is a part of the Trump trade and in the long term ought to benefit from a Trump victory, mostly due to the impacts of huge deficit spending but also because of potentially more uncertain U.S. foreign policy,” said Rodda.
Gold is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.
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