Vietnam Gold Prices Surge with Global Bullion

Vietnam's gold prices rose on Wednesday morning in line with an increase in global bullion rates.

The Saigon Jewelry Company's gold bar price gained 0.41% to VND145.9 million (US$5,615.97) per tael, where a tael equals 37.5 grams or 1.2 ounces.

The gold ring price also went up by roughly the same rate to VND145.4 million per tael.

Globally, gold prices edged higher as oil prices retreated, with investors awaiting the U.S. Federal Reserve's policy decision and markets pricing in a rate hike.

A market analyst at trading platform Naga.com said that 'A hawkish Fed could pull gold down, while any soft messaging may ease bets on hikes and help the metal recover. Traders are also monitoring oil prices and developments in the Middle East.'