Vietnam Gold Prices Surge on Global Bullion Rate Increase

Gold prices in Vietnam surged on Monday morning due to an over 1% increase in global bullion rates. The Saigon Jewelry Company's gold bar price rose by 1.06% to VND143 million (US$5,433.76) per tael.

A tael is equivalent to 37.5 grams or 1.2 ounces. The gold ring price also climbed to VND142.5 million per tael on Friday.

Globally, gold prices rose more than 1% as a pause in Middle East hostilities sent oil prices lower, alleviating some inflation concerns, while investors awaited the U.S. Federal Reserve's policy decision.

Reuters reported that spot gold rose by 1.4% to $4,110.56 per ounce, and U.S. gold futures gained 1% to $4,112.10.