Gold ring price shoots up

Gold ring went up 0.85% to VND119 million (US$4,552.42) per tael.

Gold bar was steady at VND121.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Bullion price in Vietnam has surged 44% since the beginning of the year.

Globally gold prices climbed on Tuesday to their highest point in more than a month, supported by a weaker U.S. dollar and lower Treasury yields, as investors looked for progress in trade talks ahead of an August 1 deadline, Reuters reported.

Spot gold was unchanged at $3,390.69 per ounce. Earlier in the session, bullion hit its highest level since June 17.

U.S. gold futures held their ground at $3,405.20.

"Gold's move on the upside has been pretty much supported by positive technicals and as well as reinforced by a broad base of dollar weakness," OANDA senior market analyst Kelvin Wong said.

"There could be a possibility that U.S. and the respective trading partners may not agree to the terms and condition and that potentially could see a bit of uncertainty and there could be some hedging activities by market participants going forward," Wong said.