Vietnam Gold Prices Edge Up Amid Global Market Volatility

Gold prices in Vietnam experienced a slight increase on Thursday afternoon as global markets hovered near a one-week low. The Saigon Jewelry Company gold bar rose by 0.34% to VND149 million (US$5,666.57) per tael, while the gold ring added 0.2% to VND148.6 million per tael.

A tael is equivalent to 37.5 grams or 1.2 ounces. This price hike comes as global gold prices fell due to renewed U.S.-Iran hostilities and concerns about inflation and higher interest rates.

According to Reuters, spot gold fell by 0.2% to $4,068.77 per ounce, while U.S. gold futures for August delivery were down 0.1% at $4,077.60.

Kelvin Wong, a senior market analyst at OANDA, attributed the trend of declining gold prices to the potential second interest rate hike by the Federal Reserve in Q1 next year.