Gold jewelry seen at a shop in HCMC. Photo by Read/Quynh Tran
Vietnam gold ring prices slipped Tuesday morning as the precious metal went flat on global markets.
Saigon Jewelry Company gold ring fell 0.30% to VND167.5 million (US$6,357.95) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold bar was unchanged at VND168.8 million per tael, having risen 10.5% so far this year.
Globally gold held steady on Tuesday as investors awaited more clarity on stalled peace talks between the United States and Iran, as well as key central bank decisions this week to see if the Middle East conflict has altered the interest rate outlook, Reuters reported.
Spot gold was down 0.1% at $4,679.06 per ounce. U.S. gold futures for June delivery were steady at $4,693.20.
“Geopolitical headlines are still the main driver (of gold prices). In the event of a deal (between the U.S. and Iran) or an interim deal, the dollar should weaken and gold will likely break out to the upside,” said Marex analyst Edward Meir.
Pressuring gold prices, the dollar edged higher and oil prices extended gains as the crucial Strait of Hormuz waterway remained largely shut.
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