A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price gained 0.6% to VND84.3 million (US$3,314.33) per tael Monday morning while global rates edged higher.
Gold ring price rose by the same rate to VND84.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, spot gold edged higher on Monday, supported by short covering after a weekly loss on Friday due to the Federal Reserve’s cautious stance on rate cuts in the upcoming year, Reuters reported.
Spot gold was up 0.2% to $2,626.44 per ounce. U.S. gold futures eased 0.1% to $2,642.10.
“We are entering the holiday mode and gold’s mainly been helped by short covering which started on Friday itself and there is some technical support as well,” said Ajay Kedia, director at Kedia Commodities, Mumbai.
On Friday, gold gained on a softer U.S. dollar and Treasury yields when U.S. economic data hinted at a slowdown in inflation.
San Francisco Federal Reserve President Mary Daly and two other Fed policymakers on Friday said they felt the central bank would likely resume rate cuts next year but take their time given that the “recalibration phase” was over.
Higher rates dull non-yielding bullion’s appeal.
“I see good support for gold at $2,595 and resistance would be at $2,664,” Kedia said.
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