Gold bars seen at a store in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold bar price moved up on Monday morning amid rising global bullion rates.
Saigon Jewelry Company gold bar price jumped 0.32% to an all-time high of VND156.8 million (US$5,959.48) per tael. The same rate was seen at lender ACB and jewelers PNJ and Doji.
Local bullion prices have gained 86.2% in the year to date and are nearly VND20 million per tael higher than global rates.
Gold ring price rose 0.26% to VND154 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold extended gains on Monday, supported by a weaker dollar and softer U.S. Treasury yields, as investors looked ahead to key U.S. jobs data for clues on the Federal Reserve’s policy path, while silver steadied after a record-breaking run last week, Reuters reported.
Spot gold rose 0.4% to $4,320.65 an ounce. Bullion has climbed about 64% so far this year. U.S. gold futures gained 0.6% to $4,354.00 an ounce.
The dollar hovered near a two-month low hit last week, making bullion more attractive for overseas buyers.
“Gold is likely to remain well bid into U.S. non-farm payrolls, as evidence of labor market slack would keep front-end yields capped and the dollar weak, supporting a push toward $4,380–$4,440 after a firm rebound from the $4,243 support zone,” OANDA senior market analyst Kelvin Wong said.
The U.S. central bank delivered a 25-basis-point rate cut last week in a rare split decision. Two Fed officials who dissented said inflation was still too high to justify easier policy.
Non-yielding assets, such as gold, typically benefit in a lower interest rate environment.
Comments are closed.