A customer tries on gold jewelry at a shop in Hanoi. Photo by Read/Giang Huy
Vietnam gold prices rose marginally Saturday morning following drops in earlier sessions, having fallen 17% from the historic peak achieved in January.
Saigon Jewelry Company gold bar gained 0.32% to VND159 million (US$6,042.78) per tael. Gold ring went up by the same rate to VND159 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold prices in Vietnam have risen 4% so far this year, but has dropped 17% from the record VND191.3 million price tag on Jan. 29.
Globally gold rose more than 1% on Friday after reports that the U.S. and Iran may have agreed to extend their ceasefire, though it was still headed for a monthly decline as inflation concerns and expectations of higher interest rates weighed on prices, Reuters reported.
Spot gold was up 1.5% at $4,556.84 per ounce. Prices fell to a two-month low of $4,365.76 on Thursday, but closed higher.
Gold bounced from a key technical support level, while optimism over the ceasefire extension pushed oil prices and the dollar lower, both supportive for bullion, said Phillip Streible, chief market strategist at Blue Line Futures.
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