Gold prices gain
Gold bullion prices in Vietnam rose Monday morning amid gains in the global market.
Gold prices experienced a slight increase in Vietnam, starting the week at VND141.5 million (US$5,382.90) per tael, marking a 0.35% rise. Local bullion prices were 0.36% higher than global rates, with a tael weighing 37.5 grams. In the international market, gold rose on Monday as oil prices declined following U.S. President Donald Trump's decision to refrain from further attacks on Iran, aiming for a swift resolution.
This move alleviated some inflation and interest rate concerns, as reported by Reuters. Spot gold climbed 0.4% to $4,055.76 per ounce, while U.S. gold futures increased by 0.9% to $4,054.00. The drop in oil prices, coupled with a weaker U.S. dollar, made dollar-priced bullion more accessible to holders of other currencies. Analyst Tim Waterer of KCM Trade noted that gold began the week with optimism but cautioned that gains were restrained due to uncertainties surrounding oil markets and the Middle East.
He suggested that a more pronounced decline in oil prices, a softer dollar, or a shift in Federal Reserve rate expectations towards a dovish standpoint could trigger significant gains. Conversely, heightened Middle East tensions leading to higher oil prices or strong nonfarm payrolls data reinforcing expectations of a September rate hike might cap the upside.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
