Gold bars on sale at a shop in HCMC. Photo by VnExpress/Quynh Tran
Vietnam gold prices climbed Friday morning as global bullion rates surged to their highest in nearly two months.
Saigon Jewelry Company gold bar price went up 1% to VND120.2 million (US$4,608.01) per tael.
Gold ring price rose 0.87% to VND116 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices climbed to their highest point in nearly two months on Friday, and were on track for a weekly gain, as investors flocked to safe-haven assets after Israel’s strike on Iran heightened Middle East tensions, Reuters reported.
Spot gold was up 1.3% at $3,427.36 an ounce, after hitting its highest since April 22 earlier in the session. Bullion has gained more than 3.5% so far this week. U.S. gold futures gained 1.4% to $3,448.70.
“This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, with investors making a play towards safe-haven assets in response,” said Tim Waterer, chief market analyst at KCM Trade.
“Gold surged past resistance around $3,400 on news of the airstrikes, and further upside could be in-store should the escalation continue,” Waterer said.
