Gold prices rise

Saigon Jewelry Company gold bar price gained 2.82% to VND175 million (US$6,642.88) per tael. Other sellers also adjusted their prices accordingly.

Local bullion prices are around VND29 million per tael higher than global rates.

Gold ring price rose by roughly the same rate to VND174.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold rose more than 2% on Wednesday, buoyed by a softer dollar, while a drop ‌in oil prices eased concerns about elevated inflation and higher global interest rates, amid reports of a U.S. plan to end the Middle East war, Reuters reported.

Spot gold rose 2.5% to $4,587.09 per ounce. U.S. gold futures for April delivery gained 4.2% to $4,586.10.

The dollar eased, making greenback-priced bullion cheaper for holders of other currencies.

With hopes of de-escalation in the Middle ⁠East conflict, and "as USD strength eased, safe-haven demand starts to reassert. This reinforces the view that gold didn't lose its safe-haven appeal. It was briefly crowded out by the USD, and now that pressure is easing," said Christopher Wong, a strategist at OCBC.

"Near-term, gold is likely to stay sensitive to Federal Reserve policy path expectations, USD and geopolitical developments, but the rebound suggests dips may continue to find support unless real yields move meaningfully higher."