Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices rose Monday morning as global bullion rates hit a new high of above US$5,000 per ounce.
Saigon Jewelry Company gold bar price went up 1.26% to VND176.5 million (US$6,735.35) per tael. Other sellers quoted the same rate.
Local bullion rates are VND14 million per tael higher than global rates.
Gold ring price increased by 1.45% to VND175.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold extended its rally to a new record high on Monday as investors piled into the safe-haven asset amid rising geopolitical uncertainties, Reuters reported.
Spot gold rose 1.98% to $5,081.18 per ounce, after touching $5,092.71 earlier. The metal has gained more than 17% this year.
U.S. gold futures for February delivery gained 2.01% to $5,079.30 per ounce.
“Over the past few days, gold’s price action has been textbook safe-haven behaviour,” said Fawad Razaqzada, market analyst at Forex.com, as quoted by AFP.
“Underlying demand for protection is still there. Confidence in the dollar and bonds look a bit shaky.”
