Gold jewelry shines brightly in a Hanoi shop as Vietnam’s gold market experiences a notable surge this Thursday morning. Prices have climbed to their highest levels in over two weeks, driven by rising global rates.
The Saigon Jewelry Company reported a 0.76% increase in the price of gold bars, now valued at VND119.7 million (approximately US$4,598.99) per tael, where a tael is equivalent to 37.5 grams (1.2 ounces). Similarly, gold rings saw a boost of 0.87%, reaching VND115.8 million per tael.
On a global scale, gold prices saw a boost as geopolitical tensions in the Middle East added pressure and a weakening dollar rendered the precious metal more appealing to international buyers. Spot gold jumped 0.7% to reach $3,375.06 per ounce, while U.S. gold futures enjoyed a 1.5% increase to $3,395.
The U.S. dollar index, recently falling to a near two-month low, has created conditions conducive to gold investment. “The weakness in the dollar index serves as a strong catalyst,” noted Kelvin Wong, a senior market analyst at OANDA in Asia Pacific. He highlighted that the bullish breakout of the $3,346 resistance level has triggered technical buying among investors.
While gold’s allure often shines brightest in uncertain times, it appears that the market remains a vibrant space for both seasoned investors and curious newcomers alike.
What caused the rise in gold prices in Vietnam?
The rise in gold prices is attributed to increased global prices due to geopolitical tensions in the Middle East and a weakening dollar.
How did gold perform in the international market?
Globally, spot gold increased by 0.7% to $3,375.06 per ounce, with U.S. gold futures rising 1.5% to $3,395.
What is the significance of the U.S. dollar’s performance?
The U.S. dollar index’s decline makes gold more attractive to international buyers, boosting demand and values in the market.
