Gold prices rise as trade war resolution seems distant

Vietnam’s gold prices rose by around 2 percent on July 3, 2019. Photo by Shutterstock/Arsel Ozgurdal.

Vietnam’s gold prices rose by around 2 percent Wednesday as hopes faded for a quick end to U.S-China trade war.

Gold buying prices at Vietnam’s largest jewelry company DOJI was VND39.1 million ($1,680) per tael (1.2 ounces), up VND870,000 ($37.39) or 2.27 percent from Tuesday.

The selling price was VND38.45 million ($1,652) per tael, up VND800,000 ($34.38), or 2.12 percent.

There were times Wednesday morning when the gold prices rose by VND1 million ($42.98) per tael.

Phu Nhuan Jewelry also raised its buying price by VND750,000, or 1.96 percent, to VND38.9 million ($1,672).

Its selling price rose even further by VND950,000, or 2.47 percent, to VND39.4 million ($1,693).

Vietnam’s gold price increase followed a hike of 1 percent to $1,435 per ounce in U.S. gold prices Wednesday as investors grew wary of the chances of an early resolution to the U.S-China trade war.

U.S. President Donald Trump’s said Monday that any deal would have to be tilted in favor of the U.S.