A person holds a gold bar at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam’s gold bar price jumped 1.19% to VND85 million (US$3,421.90) per tael Tuesday morning, highest since the end of May, while global rates declined slightly.
Gold ring price was steady at VND83.3 million.
Globally gold prices edged lower on Tuesday, pressured by a stronger dollar, while market participants awaited minutes of the Federal Reserve’s last meeting and economic data for further cues on U.S. interest rate path, Reuters reported.
Spot gold was down 0.2% to $2,639.45 per ounce. U.S. gold futures lost 0.3% to $2,658.70.
The dollar index hovered near a seven-week high, making bullion more expensive for holders of other currencies, while the benchmark U.S. Treasury 10-year yield topped 4% for the first time in more than two months.
Gold has lost some momentum due to rising dollar and bond yields, but downside risks may be limited by global conflicts that favour safe-haven assets, said Tim Waterer, chief market analyst at KCM Trade.
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