Commodities
Gold Prices Surge Globally, Vietnam's Gold Prices Rise
Gold prices surged globally on Wednesday morning, leading to a rise in Vietnam's gold bar and ring prices. The Saigon Jewelry Company reported that its gold bar price increased by 0.21% to VND143.8 million (US$5,503.99) per tael, while the gold ring price also rose by 0.21% to VND143.3 million per tael.
A tael is equivalent to 37.5 grams or 1.2 ounces.
Globally, spot gold gained 0.46% to $4,387.03 an ounce, while U.S. crude rose 0.89% to $83.94 a barrel and Brent advanced to $89.60 per barrel, up 0.78% on the day.
Ole Hansen, head of commodity strategy at Saxo Bank AS, noted that gold has defended its price but has yet to confirm a renewed bull-market advance.