On Wednesday, the price of gold in Vietnam experienced a rise, mirroring the global surge in bullion rates after a decrease during the earlier session. Saigon Jewelry Company reported a rise of 0.38% in gold bar prices, reaching VND185.3 million ($7,090.80) per tael, a price match with other retailers.
Gold ring prices followed a similar trend, increasing by the same rate to VND184.8 million per tael. A tael is a weight measurement equivalent to approximately 37.5 grams or 1.2 ounces.
With the advent of the God of Wealth Day on Thursday, numerous jewelry shops in Hanoi witnessed long queues of customers eager to buy gold. It is a popular belief that buying gold during this event will invite prosperity throughout the year.
Internationally, gold prices also went up on Wednesday as Asian traders sought refuge in the safe-haven metal amidst uncertainty over U.S. tariffs. This follows a ruling by the U.S. Supreme Court that annulled several of President Donald Trump’s measures. Spot gold saw an increase of 0.7%, reaching $5,181.95 per ounce. Despite ending the previous session with a decline of over 1% as investors capitalized on profits after gold reached a three-week peak earlier in the day, U.S. gold futures for April delivery saw an uptick of 0.5% at $5,200.40.
According to a technical analyst, gold may find stability around a support of $5,140 per ounce and may retest the resistance at $5,244. They also noted that the immediate resistance is at $5,205; breaking above this may result in an increase in the range of $5,221 to $5,244.
Why did the price of gold increase in Vietnam?
The price of gold increased in Vietnam due to a global surge in bullion rates and the upcoming God of Wealth Day, a time when people buy gold to invite prosperity.
What factors are influencing global gold prices?
Global gold prices are influenced by many factors, including geopolitical uncertainties such as the recent U.S. Supreme Court ruling on tariffs, which led investors to seek refuge in gold, seen as a safe-haven metal.
What is the future outlook for gold prices?
The future of gold prices may see some stability around a support of $5,140 per ounce and may retest the resistance at $5,244. If the price breaks above the immediate resistance of $5,205, it could lead to a gain in the range of $5,221 to $5,244.
