A person holds gold bars at a jewelry shop in Hanoi. Photo by Read/Ngoc Thanh
Vietnam gold prices surged Tuesday morning while globally the precious metal held steady as investors waited for further data on interest rates.
Saigon Jewelry Company gold bar went up 1.09% to VND167 million (US$6,342.69) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 1.28% to VND166.8 million per tael. Gold prices in Vietnam have risen 9.3% so far this year.
Globally gold prices were steady on Tuesday, as markets weighed the developments in the Middle East conflict and interest rate expectations ahead of key U.S. inflation data, Reuters reported.
Spot gold was steady at $4,732.89 per ounce. U.S. gold futures for June delivery gained 0.3% to $4,742.40.
“We’ve already seen expectations for a lot of central banks shift in a much more hawkish direction, and for the Federal Reserve, it’s meant a dropping of all rate cut possibilities for this year,” said Ilya Spivak, head of global macro at Tastylive.
“We’re really looking to what the Consumer Price Index numbers might give, and if there is a stronger inflationary impetus there than already expected.”
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