Vietnamese Gold Prices Surpass $4,600 per Ounce Amid Global Market Surge

Gold prices in Vietnam rose for the third consecutive week, surpassing $4,600 per ounce. The buying and selling price of SJC gold was listed at 144.6 - 147.6 million VND/ounce, an increase of 600,000 VND/ounce compared to the closing price on August 21. This marks a significant narrowing of the price difference between domestic and international gold.

The global gold market saw a surge in prices due to concerns about US public debt sustainability, the weakening of the US dollar, and the unexpected move by the US Treasury to expand its long-term bond-buying program. According to Mr. Nguyen Quang Huy, CEO of the Finance and Banking Faculty at Nguyen Trai University, 'the recent surge in world gold prices is a result of many converging factors.'

Huy emphasizes that while gold has good support from demand for diversification of reserves and preservation of asset value, the $4,500/ounce level is already high. He advises investors to pay attention to entry points and holding proportions rather than trying to predict a peak price.