Gold jewelry seen at a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold price has been gradually recovering in recent weeks, hitting the highest since April 24 on Saturday.
Saigon Jewelry Company gold bar went up 0.25% to VND120.33 million (US$4,614.76) per tael.
Gold ring increased by 0.52% to VND116.8 million per tael.
Gold has risen 43% since the beginning of the year.
Globally gold prices soared on Friday as investors flocked to safe-haven assets following Israeli airstrikes on Iran, re-igniting fears of a broader conflict in the Middle East, Reuters reported.
Spot gold rose 1.3% at $3,428.10 an ounce, coming within striking distance of its record high of $3,500.05 set in April. Prices gained about 4% so far this week.
“Israel knocking out Iranian targets is causing a little bit of geopolitical scare in the market. Prices will stay elevated in the anticipation of what is to come, the retaliation by Iran,” said Daniel Pavilonis, senior market strategist at RJO Futures.
Goldman Sachs reiterated its forecast that structurally strong central bank buying will raise the gold price to $3,700/toz by end-2025 and $4,000 by mid-2026.
Bank of America sees a path for gold to rally to $4,000/oz over the next 12 months.
