Vietnam Gold Prices Surge on Global Bullion Rate Increase

Gold prices in Vietnam rose on Friday due to an increase in global bullion rates.

The Saigon Jewelry Company's gold bar price climbed by 1.23% to VND147.6 million (US$5,676.37) per tael, which is equivalent to 37.5 grams or 1.2 ounces.

Globally, spot gold was up 0.3% at $4,355.05 per ounce, while U.S. gold futures were down 0.1% at $4,394.10.

The Federal Reserve raised interest rates on Wednesday and signaled that further increases could come in the months ahead, which may weigh on gold prices as it is a non-yielding metal.