Vietnam Gold Prices Rebound as Global Markets Gain

Gold prices in Vietnam increased on Saturday morning, following global gains of over 1% on Friday. The Saigon Jewelry Company's gold bar price rose by 0.41% to VND146 million (US$5,632.17) per tael, which is equivalent to 37.5 grams or 1.2 ounces.

The gold ring price, however, fell by 1.14% to VND146.9 million per tael. Vietnam's gold prices have dropped 4.45% so far this year.

Globally, spot gold rose 1.1% to $4,363.01 per ounce, but was down about 1.5% for the week. Tai Wong, an independent metals trader, attributed the recovery of gold prices to its rebound from recent losses and finding a short-term floor despite strong U.S. inflation data bolstering expectations of an interest rate hike by the Federal Reserve next week.