Gold prices rise
Vietnam's gold bar prices gained Wednesday morning as global rates rose for a third straight session.
The price of gold bars at Saigon Jewelry Company climbed 0.36%, reaching VND141 million (US$5,367.84) per tael. This is about 0.36% higher than the global bullion rates. Similarly, the price of gold rings increased 0.36% to VND140.5 million per tael. A tael weighs 37.5 grams or 1.2 ounces. Over the last three days, gold prices have risen in a row, driven by a weaker dollar, falling oil prices, and investors eagerly waiting for U.S. jobs data to gauge the direction of interest rates, reported Reuters.
Spot gold prices went up 1.3% to $4,127.04 per ounce, while U.S. gold futures increased 0.8% to $4,184.40. The U.S. dollar remained relatively weak, making metals priced in dollars more appealing to those holding other currencies. Analyst Kelvin Wong from OANDA noted that gold's connection with oil remains strong as oil prices have a significant impact on the global economy, particularly in terms of inflation.
If a clear plan for easing tensions becomes apparent, gold prices might continue to climb, according to analysts at TD Securities. They expect gold to stay within a certain range around the current levels.
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