Gold prices advance

Vietnam gold prices rose Tuesday morning following a recovery of the precious metal on global markets in the previous session.

Saigon Jewelry Company gold bar went up 0.86% to VND141.2 million (US$5,478.29) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring added 0.14% to VND139.7 million per tael. Gold prices in Vietnam have fallen 7.6% so far this year.

Globally gold was steady at $3,944.60 per ounce, following a 1.8% rebound on Monday, supported by a retreat in oil prices that tempered inflation worries, while investors awaited U.S. midterm elections later this week, Reuters reported.

"Weaker oil prices have provided some relief ... in terms of reducing inflation concerns. But the market is still expecting a December rate hike from the Fed, although those odds have lessened a little bit over the last couple of trading sessions," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Gold's 14-day Relative Strength Index, an indicator used to gauge whether an asset is overbought or oversold, rose to about 37 on Monday from below 30 on Friday, indicating the metal had emerged from ⁠technically oversold territory.