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Saigon Jewelry Company gold bar price dipped 0.86% from the morning to VND173.5 million (US$6,584.43) per tael. The metal was still up 1.94% from Tuesday.
The gap between global and local bullion rates narrowed to VND28.5 million per tael.
Gold ring price similarly fell to VND173.3 million per tael, but also up 1.94 % for the day. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold extended gains on Wednesday, buoyed by a softer dollar and as a drop in oil prices eased concerns about inflation pressures and higher global interest rates, even as conflicting signals from the U.S. and Iran to end the war kept investors on edge, Reuters reported.
Spot gold was up 1.6% at $4,545.34 per ounce after gaining more than 2% earlier in the session. The metal had hit a four-month low of $4,097.99 on Monday. U.S. gold futures for April delivery jumped 3.3% to $4,545.20.
Higher crude prices have fueled inflation worries and expectations of higher interest rates. Although rising inflation typically boosts gold's appeal as a hedge, high interest rates weigh on demand for the non-yielding asset.
"Despite gold prices trading ~17% below pre-conflict levels amid USD strength and broad-based de-risking, this flush has historically been a tactical dip to buy, and the bullish case strengthens the longer the conflict persists," JP Morgan said in a note.
