Vietnam Gold Prices Edge Higher Amid Global Decline
Globally, gold prices have declined due to rising oil prices and expectations of increased interest rates. However, in Vietnam, gold prices have edged higher.
The Saigon Jewelry Company's gold bar price started the week at VND146.2 million (US$5,635) per tael, a 0.14% increase from the previous day. The gold ring price also saw a similar increase to VND145.7 million per tael.
A tael is equivalent to 37.5 grams or 1.2 ounces. Despite this local uptick, global spot gold prices fell by 0.3% to $4,334.31 per ounce, while U.S. gold futures dropped 0.8% to $4,375.00.
Tim Waterer, chief market analyst at KCM Trade, stated that 'gold isn’t finding conditions to its liking' due to rising energy prices and expectations of interest rate hikes ahead of the Federal Reserve's policy meeting this week.