Vietnam Gold Prices Soar Amid Global Market Surge

Gold prices in Vietnam have risen to their highest level since July 22, driven by a surge on global markets. The Saigon Jewelry Company's gold bar price increased by 0.62% to VND145 million (US$5,548.44) per tael, while the gold ring price rose by 0.97% to VND145.9 million per tael.

The global market saw a third consecutive gain in gold prices on Tuesday, with spot gold climbing 1% to $4,432.74 per ounce, its highest level since June 5. U.S. gold futures also rose by 1.7% to $4,492.60.

According to market analyst Tony Sycamore, the move is being driven by a 'degree of FOMO (fear of missing out) from those who missed the dip to $4,000', as well as short-covering and safe-haven flows.