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Saigon Jewelry Company gold bar price dropped 0.68% from the morning to VND146 million (US$5,548.48) per tael. The metal is down 0.27% for the day.

Gold ring price fell to VND145 million per tael, down 0.28% from Tuesday. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold climbed to a two-week high on Wednesday, supported by technical buying ‌and some safe-haven demand, as investors monitored developments in the Middle East and braced for next week’s U.S. Federal Reserve meeting for clues on the interest-rate outlook, Reuters reported.

Spot gold rose 0.9% to $4,112.29 per ounce, having hit its highest level since July 7 earlier in the day. U.S. gold futures for August delivery gained 1% to $4,116.80.

“Concerns that ⁠higher oil prices could fuel inflation and keep interest rates higher for longer are being offset by safe-haven demand and hopes that ongoing diplomatic efforts between the U.S. and Iran could still lead to a de-escalation of the conflict, easing pressure on oil prices,” said Ricardo Evangelista, senior analyst at ActivTrades.

While the current rebound in prices is likely to face headwinds from volatile energy prices, the $4,000 per ounce level continues to provide strong technical support, he added.