Vietnam’s gold prices climbed on Monday morning following a more than 1% gain in global bullion rates.
Saigon Gold Jewelry Company gold bar price rose 0.5% to VND141.7 million (US$5,552.61) per tael.
Gold ring price jumped 0.57% to VND141.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold rose over 1% on Monday as softer oil prices eased inflation concerns, while investors awaited key US inflation data and fresh signals from the Federal Reserve on its policy outlook, Reuters reported.
Spot gold climbed 1.4% to $4,123.46 per ounce, while US gold futures for December delivery also rose 1.4% to $4,132.70. Bullion gained about 5% last week.
|
A person holds gold bars at a store in Hanoi. Photo by Read/Ngoc Thanh |
Oil prices fell after U.S. President Donald Trump said he was highly unlikely to order further attacks on Iran as talks to end the conflict continued, easing concerns about potential supply disruptions.
“Trump’s more conciliatory tone toward Iran is helping keep a lid on oil prices, which in turn eases some of the inflation pressure that had been weighing on the metal along with a modest pullback in the dollar,” said Tim Waterer, chief market analyst at KCM Trade.
“Any hot readings would likely firm the dollar and lift the odds of a December rate hike, which would quickly put gold back on the defensive.”