Gold prices increase – VnExpress International
A person holds gold coins in a jewelry shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Vietnam gold price continued its rally Thursday morning as global rates achieved a new record.
Saigon Jewelry Company gold bar went up 0.41% to VND148.6 million (US$5,642.15) per tael.
Gold ring increased by 0.34% to VND148.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Bullion has jumped 76.5% in value in Vietnam so far this year.
Globally gold prices breached $4,200 per ounce for the first time, extending a record rally as rising interest rate cut bets and geopolitical jitters send investors flocking to the safe-haven metal, Reuters reported.
After reaching new record of $4,241, spot gold declined to $4,230 at the time of publishing.
“The metal has been on a tear, and it doesn’t look like it wants to stop … With U.S.-China trade tensions being reignited in the last few days, investors have even more reason to hedge their long equity bets by diversifying into gold,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.
Gold has surged over 60% this year, driven by a confluence of factors including geopolitical tensions, rate-cut bets, central bank buying, de-dollarization and strong ETF inflows.
