As the week concluded, the price of gold in Vietnam exhibited an upward trend on Saturday morning, even though the precious metal ended the week with a 2% drop in value. The price of gold bars from Saigon Jewelry Company increased by 0.48%, reaching a new price of VND168.8 million, which is equivalent to US$6,403.65, for every tael. A tael, in weight measurement, is equal to 37.5 grams or 1.2 ounces.
Similarly, the price of gold rings also witnessed a 0.48% price hike, reaching VND168.3 million per tael. This year has seen an impressive 10.5% surge in gold prices in Vietnam.
Internationally, the price of gold showed a rise on Friday. However, it still seemed headed for its inaugural weekly loss in the past five weeks. The looming worries over inflation and the unclear condition of the U.S.-Iran conflict kept the markets in a state of unease.
The price of spot gold saw an increase of 0.6% and stood at $4,721.15 per ounce. Despite having risen over 1% earlier during the session, it has witnessed a decline of more than 2% for this week.
Giovanni Staunovo, a UBS analyst, explained that gold experienced a decrease this week due to the rise in oil prices. This led to an expectation of higher rates, which influenced the dollar and yields, all of which are interconnected.
What led to the price hike of gold in Vietnam?
The price of gold in Vietnam increased due to various global factors, including concerns over inflation and geopolitical tension, among others.
What has been the trend of gold prices in Vietnam this year?
Gold prices in Vietnam have seen a notable rise, with a 10.5% increase reported so far this year.
Why did gold prices experience a decrease globally this week?
The global decrease in gold prices this week can be attributed to the rise in oil prices, which led to expectations of higher rates. This also influenced the dollar and yields, indicating a correlation among these factors.
