Gold jewelry seen in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices fell Tuesday morning despite a slight gain of the precious metal on global markets amid concerns about oil shipment disruptions.
Saigon Jewelry Company gold bar declined 0.05% to VND183 million (US$6,962.01) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring slipped 0.27% to VND182.7 million per tael. Gold prices in Vietnam have risen 19.7% so far this year.
Globally gold prices edged higher on Tuesday, buoyed by easing fears of prolonged disruptions to oil shipments, while investors assessed the economic impact of the Middle East conflict ahead of a slew of central bank policy decisions this week, Reuters reported.
Spot gold firmed 0.4% to $5,023.19 per ounce. U.S. gold futures for April delivery rose 0.5% to $5,027.20.
“Gold prices pulled back in the first 24 hours of trade this week. That seems to echo the markets’ positive response to Iran’s foreign minister’s comments… In response, crude oil pulled back, yields ticked lower, and the U.S. dollar gave back some recent gains as stocks rose,” said Ilya Spivak, head of global macro at Tastylive.
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