Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam gold prices went up Friday morning while global bullion rates fell in the previous session.
Saigon Jewelry Company gold bar price gained 0.58% to VND174.5 million (US$6,624.28) per tael. Other sellers quoted the same rate.
Local bullion prices are around VND26 million per tael higher than global rates.
Gold ring price increased by roughly the same rate to VND174.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, most markets are closed for the Good Friday holiday, according to Reuters.
In the previous session, gold prices fell as the U.S. dollar and oil prices rose after President Donald Trump said the U.S. would continue attacks on Iran, spurring inflation concerns and bolstering expectations of higher interest rates.
Spot gold closed Thursday 1.7% lower at around $4,676 per ounce, per Kitco News.
The dollar rose sharply, making greenback-priced bullion less affordable to other currency holders.
“The market is very focused on Trump’s comments, which so far offer little sign of a quick resolution to the energy situation,” said David Meger, director of metals trading at High Ridge Futures.
Despite its inflation-hedge status, gold struggles when rates are high as it yields no interest. Spot gold has fallen 12% since the Iran conflict started on Feb. 28.
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