Global Gold Price Whipsaws Above $4,100 as Tensions with Iran Ease

The global gold price whipsawed above $4,100 per ounce on Monday as tensions between the US and Iran cooled, causing crude oil prices to plummet. This development alleviated inflationary concerns, bolstering the upward momentum for gold.

In Vietnam, domestic gold prices surged sharply higher, widening the premium over international benchmarks to nearly VND13 million per tael. The differential between domestic and global gold prices has been trending wider in recent days, with a price gap of up to VND12.8 million.

The Saigon Jewelry Company listed the selling price for SJC gold bars at VND143 million per tael, while 9999 gold rings closely tracked the upward trend, trading at around VND142.6 million per tael.

Gold's rally was supported by signs of de-escalation in the conflict between the US and Iran, with analysts predicting a potential hike in interest rates from the Federal Reserve could create headwinds for gold in the short term.