Gold jewelry seen at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices rose Tuesday morning after hitting the lowest since Jan. 17.
Saigon Jewelry Company gold bar surged 1.14% to VND167.9 million (US$6,368.77) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring went up 1.15% to VND167.7 million per tael. Gold prices in Vietnam have risen 9.9% 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 fell 1.6% to $4,335.18 per ounce. The metal fell to its lowest level since November 24 on Monday.
The dollar strengthened, 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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