Saigon Jewelry Company gold bar price started the week up 0.56% at VND144.8 million (US$5,522.72) per tael, roughly VND4.75 million higher than global rates.
Gold ring price went up by the same rate to VND144.3 million per tael. A tael is 37.5 grams or 1.2 ounces.
Globally, gold drifted higher on Monday, supported by a weaker dollar and recent soft economic data that reduced expectations for a U.S. interest rate hike next month, Reuters reported.
Spot gold rose 0.4% to $4,391.07 per ounce. U.S. gold futures for December delivery edged 0.3% higher to $4,448.10.
“Gold has taken the ball and run with it to start the week, with soft inflation numbers keeping the U.S. dollar under pressure and giving gold extra headroom to push towards the $4,400 level,” said Tim Waterer, chief market analyst at KCM Trade. “A sustained move above $4,500 would likely need additional dollar weakness or a clearer pullback in energy prices.”
An unexpected decline in U.S. nonfarm payrolls in July, coupled with data showing only mild consumer price inflation, has reduced expectations that the U.S. Federal Reserve will raise interest rates next month.
Lower interest rates reduce the opportunity cost of holding non-yielding bullion, enhancing its appeal to investors.