Saigon Jewelry Company gold bar price rose 0.41% to VND147 million (US$5,581.71) per tael.
Local bullion rates are around VND14.8 million per tael higher than global prices.
Gold ring price similarly climbed to VND146 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold climbed to a two-week high on Wednesday on technical buying as investors assessed the widening Middle East conflict and awaited the U.S. Federal Reserve meeting next week for clues on the interest rate outlook, Reuters reported.
Spot gold climbed 1.6% to $4,139.64 per ounce, having hit its highest level since July 7 earlier in the day. U.S. gold futures for August delivery jumped 1.7% to $4,144.20.
Gold bars at a store in Ho Chi Minh City. Photo by Read/Quynh Tran |
“Buyers have been stepping in seeking a value play after the recent pullback, while hopes for diplomatic progress between the U.S. and Iran are also assisting price moves,” said Tim Waterer, chief market analyst at KCM Trade.
The U.S.-Iran conflict helped bring an end to gold’s multiyear rally, with prices now down about 25% from their January peak of nearly $5,600 an ounce, according to Bloomberg.
Traders are weighing the impact of higher energy costs against softer U.S. economic data as they assess the Fed’s interest rate outlook. Higher-for-longer interest rates increase the opportunity cost of holding non-yielding bullion.
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