Gold jewelry in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold price rose Thursday afternoon as global rates reached a three-week peak.
Saigon Jewelry Company gold bar increased by 1.65% to VND154 million (US$5,848.84) per tael.
Gold ring went up 1.67% to VND152.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold price in Vietnam has risen 82% since the beginning of the year.
Globally gold rose for a fifth straight session on Thursday to hit its highest in more than three weeks, buoyed by expectations that the U.S. government reopening will restart the flow of economic data and boost bets for further interest rate cuts, Reuters reported.
Spot gold was up 0.2% at $4,207.24 per ounce, its highest since Oct. 21. U.S. gold futures for December delivery were steady at $4,211 per ounce.
“Gold is extending its winning streak driven by a weaker dollar, expectations of Federal Reserve rate cuts, and persistent central bank accumulation,” said Jigar Trivedi, senior research analyst at Reliance Securities.
“While near-term consolidation is possible after rapid gains, the broader outlook remains constructive. There is a scope for highs above $4,300/oz by the year-end, provided real yields stay subdued and monetary policy remains accommodative.”
