Gold prices extend rally to one-month high
Vietnam gold prices continued to climb Saturday morning, reaching the highest since July 21 as the precious metal ended the week 5% higher on global markets.
Gold prices in Vietnam have reached a one-month high, with Saigon Jewelry Company gold bar increasing by 0.41% to VND147.6 million (US$5,649.76) per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. Gold rings also saw a rise of 0.34%, reaching VND148.5 million per tael. Over the year, gold prices in Vietnam have dropped by 3.4%.
Globally, gold prices hit a three-month high on Friday, continuing its streak of three consecutive weekly gains. This surge was driven by gold breaking above crucial technical levels, as the U.S. Treasury's ongoing buyback support plan weakened the dollar, as reported by Reuters. Spot gold surged 2.4% to $4,623.94 per ounce, briefly reaching $4,631.99, which was the highest level since May 15.
U.S. gold futures closed 2.4% higher at $4,680.60. In just one week, prices have climbed over 5%, with a notable daily increase on Wednesday. Gold is currently trading above all key moving averages, having surpassed the 200-day moving average of approximately $4,513. This milestone is typically viewed as a bullish signal by technical analysts.
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