Vietnamese Gold Prices Rise with Global Bullion Rates

Vietnamese gold prices rose on Wednesday morning following a surge in global bullion rates. The Saigon Jewelry Company's gold bar price increased by 0.21% to VND143.8 million (US$5,503.99) per tael.

A tael is equivalent to 37.5 grams or 1.2 ounces. Similarly, the price of a gold ring also rose by 0.21% to VND143.3 million per tael.

The global gold market saw spot gold gain 0.46% to $4,387.03 an ounce on Wednesday, while U.S. crude oil prices rose 0.89% to $83.94 a barrel and Brent advanced to $89.60 per barrel, up 0.78% on the day.

Ole Hansen, head of commodity strategy at Saxo Bank AS, noted that gold has defended its downside but not yet confirmed a renewed bull-market advance.