Vietnam Gold Prices Hit One-Month High Amid Global Surge

Gold prices in Vietnam continued their upward trend, reaching a one-month high on Saturday morning. According to data from Saigon Jewelry Company, gold bars rose by 0.41% to VND147.6 million (US$5,649.76) per tael, while gold rings increased by 0.34% to VND148.5 million per tael.

This marks the highest price for gold in Vietnam since July 21, as the precious metal ended the week 5% higher on global markets. Globally, spot gold climbed 2.4% to $4,623.94 per ounce, with U.S. gold futures settling 2.4% higher at $4,680.60.

The metal's price surge is attributed to a break above key technical levels, as the U.S. Treasury's buyback support plan continues to weigh on the dollar. Technical analysts view this move as bullish, with gold trading above all key moving averages.