Gold bars seen at a jewelry store in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold bar price went up by 0.6% to VND84 million (US$3,308.71) per tael Monday morning as global rates increased.
Gold ring price surged by 0.85% to VND83 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices rose on Monday after last week’s sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path, Reuters reported.
Spot gold firmed 1% to $2,587.49 per ounce by 0150 GMT, after falling to its worst week in more than three years on Friday. U.S. gold futures inched 0.9% higher to $2,592.00.
“Gold prices are due for a slight recovery following recent bout of hefty sell-offs and we may expect some drift higher with some rollover in the dollar,” said IG market strategist Yeap Jun Rong.
“We can expect less-dovish rhetoric from U.S. policymakers in December, as the Fed sets the stage for a potential rate hold in January. This has not been fully priced in by markets yet, so any need for recalibration may still pose an obstacle for gold.”
Data on Friday showed that U.S. retail sales increased slightly more than expected in October, highlighting the economy’s resilience.
Higher interest rates reduce the appeal of holding non-yielding bullion.
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