Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold price gained little Thursday morning as global rates stabilized.
Saigon Jewelry Company gold bar rose 0.43% to VND117.7 million (US$4,509.06) per tael.
Gold ring went up 0.35% to VND114 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold price has risen 39.8% so far this year.
Globally gold prices were stable on Thursday as investors assessed weaker-than-expected U.S. data and ongoing global economic and political uncertainties, while looking ahead to U.S. payroll data for further economic cues, Reuters reported.
Spot gold held its ground at $3,372.91 an ounce. U.S. gold futures edged down 0.1% to $3,396.60.
“Like most markets at present, gold finds itself in a holding pattern and at the whim of Trump’s trade headlines – supported, yet hesitant to trade above this week’s high,” said Matt Simpson, a senior analyst at City Index.
“Volatility is also suppressed while we await comments from FOMC members and Friday’s NFP report … If anything, it points to a stronger jobs change figure, which could weigh on gold.”
Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.
