A person holds gold bars at a store in Hanoi. Photo by Read/Ngoc Thanh
Vietnam’s gold prices fell on Monday morning even as the metal posted a modest gain on global markets.
Saigon Gold Jewelry Company gold bar price slipped 0.35% to VND143.1 million (US$5,522.76) per tael.
Gold ring price was down 0.56% at VND142.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged higher on Monday as softer oil prices offered support, while investors assessed the chances of a Federal Reserve interest rate hike later this year and looked for fresh signals on the US central bank’s policy trajectory, Reuters reported.
Spot gold rose 0.3% to $4,175.60 per ounce, while U.S. gold futures for December delivery gained 0.4% to $4,196.40.
Oil prices slipped on Monday after U.S. President Donald Trump waived sanctions and tariffs on Russia that may lead to more Russian fuel exports.
“Gold is posting a modest rise to start the week. The metal is responding positively to the softer tone in oil prices from an inflation standpoint,” said Tim Waterer, chief market analyst at KCM Trade. “In the near term, a more sustained decline in oil prices or a clearer move lower in yields would be the most constructive catalysts (for gold), as both would ease inflation and rate concerns.”