Despite a global decline, the price of gold bars in Vietnam saw a slight increase last Saturday morning. The Saigon Jewelry Company reported a 0.47% rise in the price per tael of their gold bars, reaching VND149.2 million (US$5,671.93).
Simultaneously, the cost of a gold ring also experienced a 0.47% surge, rising to VND148.6 million per tael. For context, one tael is equivalent to 37.5 grams or 1.2 ounces.
This year, there has been a notable increase in the value of bullion in Vietnam, with a growth rate of 77%.
On the global stage, gold prices experienced a slight recovery on Friday. This recovery occurred after U.S. inflation data was slightly below expectations. This data reinforces the anticipation of a Federal Reserve interest rate cut in the following week. However, despite this minor recovery, gold is still believed to be on track for its first weekly loss in a ten week period.
Spot gold experienced a decrease of 0.2%, falling to $4,118.29 per ounce, after an earlier decline of nearly 2% in the same session. Across the week, the price of spot gold fell by over 3%.
Independent metals trader Tai Wong gave his insights, stating, “Gold and silver experienced an increase following the lower than expected September core CPI. However, this is likely insufficient to completely counteract this week’s selloff. The price action suggests that gold, and particularly silver, may require another downward leg before stabilization.”
This year also saw a global increase in the value of bullion, with a growth rate of 55%. This rise has been attributed to various factors including geopolitical and trade tensions, substantial central bank buying, and expectations of U.S. interest rate cuts.
What was the price increase of gold in Vietnam?
The price of gold bars in Vietnam increased by 0.47%, with the price per tael reaching VND149.2 million (US$5,671.93).
How did the global gold prices fare last week?
Despite a slight recovery after lower than expected U.S. inflation data, gold was still on track for its first weekly loss in ten weeks.
Why has the global value of bullion increased this year?
The global surge in the value of bullion is attributable to several factors including geopolitical and trade tensions, robust central bank buying, and expectations of U.S. interest rate cuts.
