Gold jewelry seen at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices fell Tuesday morning despite a global gain of the safe-haven metal amid rising Middle East tension.
Saigon Jewelry Company gold bar went down 0.8% to VND189.4 million (US$7,231.80) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring inched down 0.16% to VND189.2 million per tael. Gold prices in Vietnam have risen 24% this year.
Globally gold prices rose for a fifth consecutive session on Tuesday, as investors sought safe-haven assets amid an escalating U.S. and Israeli air war against Iran, raising fears the conflict could spiral into a protracted regional war and deepen uncertainty, Reuters reported.
Spot gold was up 1% at $5,377.21 per ounce. In the previous session, bullion climbed to its highest point in more than four weeks after the U.S. and Israel launched strikes on Iran over the weekend.
“The scope and duration of the conflict remain very much open-ended, and with those uncertainties in play, gold is capturing the lion’s share of safe-haven demand,” KCM Trade chief market analyst Tim Waterer said.
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