Vietnamese gold prices moved against the global trend Monday, with local bars and rings falling as spot bullion and U.S. futures rose amid investor focus on oil, inflation and the Federal Reserve's rate outlook.
VnExpress reported that Saigon Gold Jewelry Company quoted bars at VND143.1 million ($5,522.76) per tael, down 0.35%. Rings were listed at VND142.3 million, down 0.56%. One tael amounts to 37.5 grams, equivalent to about 1.2 ounces.
Spot bullion gained 0.3%, reaching $4,175.60 an ounce; December-delivery U.S. futures advanced 0.4% to $4,196.40. Reuters reported that investors were evaluating the prospect of a Federal Reserve rate increase later this year and seeking clues to the central bank's next policy moves.
VnExpress also reported that oil prices fell Monday after President Donald Trump waived Russia-related sanctions and tariffs, a step that may allow Russian fuel exports to rise.
Tim Waterer, chief market analyst at KCM Trade, linked gold's advance to easing oil prices and reduced inflation pressure. He said a prolonged oil decline or a noticeable fall in yields could help gold by tempering concern about inflation and interest rates.
