A person holds gold bars at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Vietnam gold price rose marginally Thursday morning as bullion hits two-week high globally.
Saigon Jewelry Company gold bar gained 0.57% to VND121.3 million (US$4,668.98) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring jumped 0.43% to VND115.5 million per tael.
Globally gold prices rose to a two-week peak on Thursday as investors leaned toward the safe-haven asset amid mounting concerns over the U.S. government’s growing debt and soft demand for 20-year Treasury bonds, highlighting low appetite for U.S. assets, Reuters reported.
Spot gold gained 0.8% to $3,340.53 an ounce, after hitting its highest level since May 9.
The dollar is hovering near a two-week low hit in the previous session, making greenback-priced gold cheaper for holders of overseas currency.
“Gold’s bullish reversal is supported by a weaker U.S. dollar and lingering stagflation risks in the U.S. economy,” said Kelvin Wong, senior market analyst, Asia Pacific at OANDA.
