Gold prices gain
Vietnam gold prices rose Saturday morning, following a jump of the precious metal on global markets.
Gold prices have shown a gain in Vietnam. The Saigon Jewelry Company's gold bar increased by 0.41% to VND146 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. Conversely, gold rings experienced a decline of 1.14% to VND146.9 million per tael. Overall, gold prices in Vietnam have decreased by 4.45% throughout the year.
On a global scale, gold prices saw a rise of over 1% on Friday. This rebound came after recent losses and was found at a short-term floor, according to Reuters. Spot gold increased to $4,363.01 per ounce. However, the metal was down by approximately 1.5% for the week.
Gold is recovering quickly following a brief dip. This recovery may be due to CPI data potentially confirming expectations of a Federal Reserve interest rate hike next week. The volatility in the market has been somewhat reduced, as the possibility of a rate hike was priced in at 70%, stated independent metals trader Tai Wong. The price action suggests that gold is finding a short-term base after the recent retreat.
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