A person holds a gold bar at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices continued to rise Tuesday afternoon, extending its gain in the morning, despite a drop on the global market.
Saigon Jewelry Company gold bar went up 2.53% from Monday to VND170.2 million (US$6,461.66) per tael. A tael equals 37.5 grams or 1.2 ounces.
It has risen 1.37% from the morning, recovering from a nine-week low on Monday.
Gold ring added 2.53% to VND170 million per tael. Gold prices have risen 11.3% so far this year.
Globally gold prices fell more than 1% on Tuesday, extending their slide to a tenth straight session, pressured by a firm U.S. dollar and fading hopes for near-term Federal Reserve interest rate cuts, Reuters reported.
Spot gold declined 1.5% to $4,340.63 per ounce, losing about 22% in 10 sessions.
The dollar strengthened on Tuesday, making greenback-priced bullion more expensive for holders of other currencies.
Spot gold prices have fallen about 18% since the U.S.-Israeli war on Iran started on Feb. 28, with the dollar emerging as one of the clearest safe-haven winners.
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