A customer tries on gold jewelry at a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold price Tuesday morning bounced back after a drop on Monday as the precious metal rose globally.
Saigon Jewelry Company gold bar increased by 2.05% to VND154.6 million (US$5,867.73) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring went up 2.06% to VND153.3 million per tael. Bullion has risen 84% in Vietnam so far this year.
Globally gold price held positive ground around $4,370 after reaching a fresh record high near $4,380 during the early Asian session on Tuesday, according to FXStreet.
Traders are still evaluating the implications of the U.S. government shutdown, potential additional interest rate reductions by the Federal Reserve, and heightened U.S. credit risks.
The continuing U.S. government shutdown may increase safe-haven investments, bolstering the price of gold.
Political and economic concerns are driving prices higher after Friday’s sharp sell-off, said CPM Group managing partner Jeffrey Christian, as reported by Reuters.
“Our expectation is that the price is going to rise higher over the next several weeks and several months, and we wouldn’t be surprised at $4,500/oz soon,” he added.
