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Saigon Jewelry Company gold bar price edged 0.28% lower from the morning to VND175 million (US$6,646.04) per tael, narrowing gains for the day to 1.45%.

The gap between global and local bullion rates lowered to VND22 million per tael.

Gold ring price slipped 0.29% to VND174.5 million per tael, also up 1.45% from Tuesday. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold rose on Monday after U.S. President Donald Trump and Iran agreed to a two-week ceasefire to finalize negotiations to end the war that has disrupted global markets.

Oil prices dropped below $100 a barrel and the dollar also weakened, lending support to gold, which is priced in the U.S. currency, Bloomberg reported.

Spot gold was up 2.5% at $4,819.52 per ounce. Earlier in the session, bullion rose more than 3% to its highest level since March 19. U.S. ⁠gold futures for June delivery gained 3.4% to $4,845.30.

“People went into this session thinking that escalation was very likely, but the announcement of a two-week truce kind of upended that expectation and that was gold positive,” said Nicholas Frappell, global head of institutional markets at ABC Refinery, as quoted by Reuters.

Gold has declined about 8% since the conflict began in late February as the non-yielding metal’s appeal typically diminishes in a high-interest-rate environment.

Prices have seen a recovery in recent days, supported by optimism over a ceasefire and expectations that slower global economic growth could act as a counter to bets on stable or higher borrowing costs.