Saigon Jewelry Company gold bar price went up 0.3% to VND162 million (US$6,145.44) per tael, recovering from a four-month low hit late last week.
Gold ring price gained 0.31% to VND161.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices rose more than 1% on Monday, supported by a weaker dollar and easing oil prices, as investors weighed prospects of a breakthrough in U.S.-Iran peace negotiations.
Spot gold was up 1.1% at $4,559.29 per ounce. U.S. gold futures for June delivery gained 0.8% to $4,560.30.
Gold bars at a store in Ho Chi Minh City. Photo by Read/Thanh Tung |
The dollar weakened, making greenback-priced bullion more affordable for holders of other currencies.
“Trump has been raising market hopes for some sort of deal with Iran, which could lead to the reopening of the Strait of Hormuz,” Tim Waterer, chief market analyst at KCM Trade, told Reuters. “That prospect has weighed on oil prices and, by extension, given gold a welcome lift from an inflation perspective.”
Bullion is still down around 13% since the conflict began in late February.
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