Gold jewelry seen at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam’s gold bar prices gained Wednesday morning as global rates rose for a third straight session.
Saigon Jewelry Company gold bar price was up 0.36% at VND141 million (US$5,367.84) per tael.
Compared to global bullion rates, local prices are around VND9 million per tael higher.
Gold ring price also went up 0.36% to VND140.5 million per tael. A tael is 37.5 grams or 1.2 ounces.
Globally, gold rose for a third straight session on Wednesday, helped by a softer dollar and lower oil prices, while investors awaited U.S. jobs data for clues on the interest-rate outlook, Reuters reported.
Spot gold was up 1.3% at $4,127.04 per ounce. U.S. gold futures rose 0.8% to $4,184.40.
The U.S. dollar remained subdued, making greenback-priced metals more attractive to holders of other currencies. Oil steadied after steep falls in the previous two sessions.
“Gold’s relation with oil is still intact as oil prices have a tremendous impact on the global economy in terms of inflationary pressure. If we get a very clear roadmap to further de-escalation in tensions, gold prices could move higher,” said Kelvin Wong, a senior market analyst at OANDA.
Analysts at TD Securities said in a note that they expect gold to remain range-bound near current levels.