Gold prices increase
SJC gold price gained 0.15% to VND67.1 million ($2,857.39) per tael Monday afternoon.
Gold ring price rose 0.18% to VND56.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold rose on Monday as the dollar eased slightly. Still, prices were off one-year highs hit last week, as mixed economic data prompted investors to reassess the U.S. Federal Reserve’s interest rate hike trajectory.
Spot gold was up 0.5% at $2,012.62 per ounce. U.S. gold futures rose 0.4% to $2,024.70.
The dollar index was 0.1% lower, making bullion cheaper for overseas buyers.
Gold is likely to trade with “positive bias but can see some initial correction…a major downfall” in prices is not expected as uncertain global economic and geopolitical tensions support its safe-haven status, said Hareesh V, commodity research head, Geojit Financial Services.