Gold jewelry seen in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices rose Thursday afternoon as the precious metal hovered around the lowest in nearly a week on global markets.
Saigon Jewelry Company gold bar went up 0.34% to VND149 million (US$5,666.57) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 0.2% to VND148.6 million per tael. Gold prices in Vietnam have fallen 2.5% so far this year.
Globally gold prices fell, hovering near a one-week low, as renewed U.S.-Iran hostilities lifted crude and reignited concerns about inflation and higher-for-longer interest rates, Reuters reported.
Spot gold fell 0.2% to $4,068.77 per ounce, after dropping to its lowest since July 1 on Wednesday. U.S. gold futures for August delivery were down 0.1% at $4,077.60.
“The catalyst that is supporting this trend to the downside for gold is a repricing of a second interest rate hike by the Federal Reserve to come in as early as Q1 next year,” said Kelvin Wong, a senior market analyst at OANDA.
“After yesterday’s skirmish, that temporary ceasefire agreement between U.S. and Iran is on shaky ground right now, so things could turn pretty fluid again.”
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