A person holds a gold ring in a jewelry store in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold bar price edged lower Monday morning while global bullion rates rose for a fourth consecutive session.
Saigon Jewelry Company gold bar price slipped 0.08% to VND120.2 million (US$4,606.51) per tael.
Gold ring price, however, went up 0.17% to VND116.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold rose for a fourth straight session to a near two-month high on Monday, as intensified clashes between Israel and Iran over the weekend stoked fears of a broader regional conflict, pushing investors towards safe-haven assets, Reuters reported.
Spot gold gained 0.3% to $3,442.09 an ounce, after hitting its highest level since April 22 earlier in the session. U.S. gold futures advanced 0.3% to $3,461.90.
“It’s the joint political risk premium that’s rising due to the Iran-Israel conflict at this point that is boosted safe-haven demand for gold,” said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA.
“We have a clear break above $3,400 right now and the short term uptrend is intact. We are seeing resistance level at $3,500 and with the possibility of breaking new high above the $3,500 level.”
U.S. President Donald Trump said he hopes Israel and Iran can broker a deal but said sometimes countries have to fight it out first.
Gold often considered a safe-haven asset during times of geopolitical and economic uncertainty.
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