A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold bar price rose by 0.82% to VND85.7 million (US$3,373.02) per tael Wednesday morning as global rates went up.
Gold ring price gained 0.59% to VND84.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices rose for a third consecutive session to a one-week high on Wednesday, driven by a softer dollar and escalating Russia-Ukraine tensions that raised the demand for safe-haven assets, Reuters reported.
Spot gold added 0.32% to $2,640.19 per ounce, its highest since Nov. 11. U.S. gold futures climbed 0.5% to $2,643.70.
The market is adjusting its expectations for the Fed’s cuts next year as inflation is becoming a bigger concern, which could be negative for gold, Spivak added.
Higher rates reduce the appeal of non-yielding gold.
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