A customer looks at gold jewelry in a shop in HCMC. Photo by VnExpress/Thanh Tung
Vietnam gold price increased Saturday morning as global rates reached a new level amid forecasts that bullion prices would surpass $6,000 in coming months.
Saigon Jewelry Company gold bar went up 1.22% to VND174.3 million (US$6,641.28) per tael, a new record. A tael equals 37.5 grams or 1.2 ounces.
Gold ring gained 1.29% to VND173 million per tael. Vietnam gold prices have risen 14% since the beginning of the year.
Globally spot gold added 0.96% to $4,983.10 per ounce, a new peak, as markets brace for gold to hit the once-unthinkable $5,000 price level while Bank of America raised its near-term gold target to $6,000 per ounce – the most aggressive price forecast for the yellow metal from any major institution, according to Kitco News.
“Gold continues to stand out as a hedge and alpha source,” the bank’s analyst Michael Hartnett said in a note to clients.
He forecasts that the price of gold will reach $6,000 an ounce by the spring. This would put the gold price over 20% above the precious metal’s current all-time high levels.
