Saigon Jewelry Company gold bar price gained 0.68% to VND148.5 million (US$5,654.66) per tael.
Local prices are down 2.8% from the start of the year and 22.4% from its peak of VND191.3 million in January.
Gold ring price saw a similar jump to VND148 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Wednesday after climbing more than 2% in the previous session, as rising oil prices fueled inflation concerns and uncertainty over the U.S. interest-rate outlook, weighing on non-yielding bullion, Reuters reported.
Spot gold was down 0.5% at $4,035.67 per ounce. U.S. gold futures for August delivery eased 0.7% to $4,042.20.
Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
“(U.S. President Donald) Trump continues to maintain the blockade of ships that is flowing out of the Strait of Hormuz, causing oil prices to rise and gold to come under pressure,” said Kelvin Wong, a senior market analyst at OANDA.
Elevated crude oil prices can stoke concerns around inflation and higher-for-longer interest rates, and while gold is traditionally seen as an inflation hedge, it does lose its appeal as a non-yielding asset in a high-interest-rate environment.
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