Gold Price Reaches Multi-Week High Amid Bullish Market Sentiment
The price of gold has reached a new multi-week high as the global market remains bullish on the precious metal. At 5:00 PM, Phu Quy listed SJC gold bar prices at 144.6-147.6 million VND/tael (buying - selling), an increase of 600,000 VND/tael in both buying and selling directions.
DOJI and Bao Tin Minh Chau also reported similar price increases for SJC gold bars, with the former listing prices at 144.6-147.6 million VND/tael (buying - selling) and the latter at 145.5-149.5 million VND/tael (buying - selling).
World gold prices jumped to a multi-week high of $105.3, listed around $4,602.4 per ounce, up $6.1 per ounce from the previous day.
The upward momentum of precious metals has been driven by the weakening US dollar, increased safe-haven demand amid concerns about the US fiscal situation, and expectations that the US Federal Reserve may adjust monetary policy towards greater easing.