Gold prices near 3-week high
Vietnam gold prices edged higher Tuesday morning, hitting the highest since July 22, as the precious metal posted a third consecutive gain on global markets.
Gold prices in Vietnam have reached a three-week high, with a Saigon Jewelry Company gold bar increasing by 0.62% to VND145 million (US$5,548.44) per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. A gold ring also saw a 0.97% rise to VND145.9 million per tael.
Gold prices globally surged for the third consecutive day on Tuesday, achieving its highest level in over two months. This increase was fueled by investors analyzing upcoming inflation data to decipher the potential trajectory of U.S. interest rates.
Spot gold climbed by 1% to $4,432.74 per ounce, marking its highest point since June 5. U.S. gold futures also rose by 1.7% to $4,492.60. The rise in gold prices is attributed to a combination of factors, including FOMO (fear of missing out) from investors who missed the dip to $4,000, some short-covering by speculative accounts, and a resurgence in safe-haven flows.
According to IG market analyst Tony Sycamore, the medium-term outlook for gold prices is positive, anticipating a break and a pathway towards a stronger recovery, potentially reaching $5,000.
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