Vietnamese Gold Prices Surge Amid Global Market Rally
The price of gold in Vietnam continued to rise on August 23rd, despite international markets being closed for the weekend. According to data from various sources, SJC gold bars increased by 600,000 VND/ounce, with a buying price of 144.6 million VND/ounce and a selling price of 147.6 million VND/ounce in Ho Chi Minh City and the North.
The price increase is part of a larger trend, as global gold prices have surpassed $4,600 USD/ounce for the first time since mid-May, rising more than 5% this week and above all key moving averages. The TD Securities expert assessed that the $4,700 per ounce range could become the next target if the upward momentum is maintained.
The US dollar's weakness also contributed to the price increase, as gold became cheaper for investors using other currencies. However, long-term US bond yields have recovered most of their losses following the bond-buying announcement, indicating that the market remains concerned about public debt, inflation, and the interest rate outlook.