A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices rose Saturday morning as global rates headed toward the highest level in a month.
Saigon Jewelry Company gold bar went up 1.63% to VND187 million (US$7,179.88) per tael.
Gold ring price increased by 1.63% to VND186.8 million per tael. Gold prices in Vietnam have risen 22% so far this year.
Globally gold rose to near a one-month high on Friday and was headed for a seventh straight month of gains, supported by geopolitical tensions after the United States and Iran extended nuclear talks, while softer U.S. Treasury yields further boosted bullion, Reuters reported.
Spot gold was up 0.8% at $5,230.56 an ounce, hitting its highest level since Jan. 30 earlier in the session.
“There’s a lot of nervousness surrounding geopolitics, you have all the set-up for a high probability of a military operation over the weekend, so it’s a risk-off in a flight to safety,” said Phillip Streible, chief market strategist at Blue Line Futures.
Gold’s next likely upside target is $5,450, with key support near $5,120, Streible said.
