A person arranges gold jewelry at a store in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices rose Wednesday morning, in line with an increase in global bullion rates.
Saigon Jewelry Company gold bar price gained 0.41% to VND145.9 million (US$5,615.97) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price went up by roughly the same rate to VND145.4 million per tael.
Globally gold prices edged higher on Wednesday as oil prices retreated, while investors awaited the U.S. Federal Reserve’s policy decision, with markets largely pricing in a rate hike.
Spot gold rose 0.8% at $4,328.39 per ounce after scaling a more than one-month low on Monday. U.S. gold futures for December delivery slipped 0.9% at $4,369.50.
“A hawkish Fed could pull gold down, while any soft messaging may ease bets on hikes and help the metal recover. Traders are also monitoring oil prices and developments in the Middle East,” said Frank Walbaum, a market analyst at trading platform Naga.com, as quoted by Reuters.
Higher rates increase the opportunity cost of holding non-yielding gold.