Gold bars seen in a shop in HCMC. Photo by VnExpress/Quynh Tran
Vietnam gold prices rose Thursday morning amid a slight drop of the precious metal on global markets.
Saigon Jewelry Company gold bar went up 0.21% to VND144.6 million (US$5,554.92) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 0.34% to VND146 million per tael. Gold prices in Vietnam have fallen 5.4% this year.
Globally spot gold prices slipped 0.22% to $4,398.10 per ounce, following a slight increase late Wednesday after a cooler U.S. July inflation report cut September Federal Reserve rate-hike expectations and helped Treasury yields ease, according to Kitco News.
The Strait of Hormuz remains the key geopolitical channel affecting oil prices, inflation expectations and defensive demand.
U.S.-Iran talks have yet to produce a deal to reopen the strait, while Iran’s top security official has linked its reopening to U.S. conditions, including frozen assets and regional conflicts. Shipping through the Strait of Hormuz and Bab el-Mandeb also remains constrained.
For gold, the setup remains two-sided: lower yields support non-yielding metals, while persistent Gulf shipping risk keeps oil prices high enough to complicate the Fed-rate relief trade.