Vietnam Gold Prices Edge Higher as Dollar Weakens
Gold prices in Vietnam continued their upward trend on Friday morning, climbing for the third week in a row. The Saigon Jewelry Company reported that gold bars rose by 0.41% to VND146.6 million (US$5,622.26) per tael, while gold rings also increased by 0.41% to VND146.1 million per tael.
The recent gains in gold prices have narrowed the gap between local and global bullion rates, with the difference now standing at just VND2.8 million per tael. This is a significant reduction from the VND15-20 million difference seen early this year.
On the global market, spot gold was up 0.5% at $4,540.18 per ounce, while U.S. gold futures rose by 0.6% to $4,596.60. Analysts attribute the increase in gold prices to a weaker dollar and the U.S. Treasury's bond buyback move.
Brian Lan, managing director of GoldSilver Central, noted that 'We've seen the dollar weakening and that has supported not just gold but all precious metals, along with a big change in yields.' However, he also emphasized that gold's upward trajectory will be determined by what the Fed decides to do next and how those policies impact market rate expectations.