Gold prices rise
Vietnam gold bar prices increased Wednesday morning following a rise in global bullion rates.
Gold prices experienced a rise on Wednesday as geopolitical tensions escalated ahead of important U.S. inflation data, according to Reuters. The Saigon Jewelry Company reported a 0.21% increase in the price of gold bars, now at VND143.8 million per tael, while gold ring prices also saw a 0.21% uptick to VND143.3 million per tael.
A tael equals 37.5 grams or 1.2 ounces. Globally, both gold and oil prices experienced an upward trend, with the yellow metal reaching above the $4,000-an-ounce mark recently. This increase in gold prices was driven by a surge in investor demand and elevated central bank purchases, particularly from China. Despite maintaining its defense against downside risks, gold has not yet signaled a definitive shift towards a renewed bull-market advance.
Ole Hansen, head of commodity strategy at Saxo Bank AS, commented on the importance of support around $4,200 and the focus on the 200-day moving average, which currently sits just below the $4,500 level.
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