Vietnam's Gold Prices Rise Along with Global Rates
Gold prices in Vietnam have risen for the third straight session, driven by global rates. According to the Saigon Jewelry Company, gold bars now cost VND141 million (US$5,367.84) per tael, a 0.36% increase from the previous day.
Compared to global bullion rates, local prices are around VND9 million per tael higher. The price of gold rings also increased by 0.36%, reaching VND140.5 million per tael.
Globally, spot gold has risen by 1.3% to $4,127.04 per ounce, while U.S. gold futures have increased by 0.8% to $4,184.40.
Kelvin Wong, a senior market analyst at OANDA, said that 'Gold's relation with oil is still intact as oil prices have a tremendous impact on the global economy in terms of inflationary pressure.' However, analysts at TD Securities expect gold to remain range-bound near current levels.