Vietnamese Gold Prices Rise Amid Global Market Rally
Gold prices in Vietnam rose slightly on Thursday morning due to an increase in global markets. The Saigon Jewelry Company's gold bar price increased by 0.99% to VND143.2 million per tael, while the gold ring price remained unchanged at VND144.2 million per tael.
The overall gold prices in Vietnam have decreased by 6.3% so far this year. Meanwhile, globally, spot gold has risen for a fourth consecutive session and reached its highest level since June 18, reaching $4,265.22 per ounce.
This upward trend is attributed to the softening of the US dollar and lower Treasury yields, as well as growing hopes over the Strait of Hormuz reopening. According to Tony Sycamore, an IG market analyst, a sustained break above the 200-day moving average could pave the way for a stronger recovery toward the $5,000 mark.