Gold prices in Vietnam saw a slight rise on Tuesday morning, as global gold rates hovered near their lowest levels in over a week. The price of a Saigon Jewelry Company gold bar increased by 0.67%, reaching VND120 million (approximately US$4,623.92) per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.
Meanwhile, the price of gold rings remained unchanged at VND115 million per tael. Since the start of the year, gold prices in Vietnam have surged by 42.5%.
Globally, gold prices remained near a one-week low, influenced by a temporary trade agreement between the U.S. and China that eased tariff tensions. The agreement sparked a rise in risk appetite, reducing gold’s appeal as a safe-haven asset. Spot gold held steady at $3,230.99 per ounce, following a 2.7% decline in the previous session.
Tim Waterer, Chief Market Analyst at KCM Trade, explained, “The prospect of better trade relations between the world’s two largest economies has spurred a pick-up in risk appetite and a pullback in safe-haven demand.” However, he noted that “the consolidation move in the dollar has allowed the gold price to make a mild push higher.”
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