Vietnamese Gold Prices Surge as Global Rates Near $4,700/Ounce

Gold prices surged on August 25th in Vietnam, following a sharp increase in global gold prices. According to experts, domestic gold prices closely follow developments in the global market, and the recent rise in world gold prices has led to a surge in Vietnamese gold prices.

The price of SJC gold bars increased by 2.4 million VND/ounce compared to early yesterday morning, trading at 150 million VND/ounce. For gold rings, some major brands saw a sharp increase in selling price, ranging from 2.9 to 3.5 million VND/ounce compared to early yesterday morning.

Analysts believe that the market is attracting significant upward momentum, with gold prices trending towards $4,700 per ounce. Bart Melek, Head of Commodity Strategy at TD Securities, stated that gold is surging as investors worry about the US financial situation after the national debt exceeded $40 trillion last week.

While some experts are optimistic about gold in the current environment, others caution that rising energy prices may fuel inflation concerns and lead to higher interest rates. Nicky Shiels, Head of Metals Research and Strategy at MKS PAMP, noted that despite the upward momentum, gold prices may have risen too much tactically.