Gold prices rebound from 4-month low
Vietnam's gold prices bounced back from a four-month low on Monday amid a recovery in global bullion rates.
Gold prices in Vietnam rebounded from a four-month low on Monday, according to Reuters. The Saigon Gold Jewelry Company's gold bar price began the week 0.72% higher at VND140 million ($5,428.25) per tael, following a weekly low of VND17.5 million per tael. This was roughly VND17.5 million per tael above global prices. Gold rings saw a 0.74% increase to VND136.8 million per tael, with a tael weighing 37.5 grams or 1.2 ounces.
Globally, gold prices rose as weaker oil prices reduced inflation worries and investors analyzed comments from the Federal Reserve regarding potential US interest rate changes. Spot gold climbed 0.7% to $3,900.90 per ounce after falling to a one-year low the day before. US gold futures for December delivery increased 0.3% to $3,909.70.
However, gold faces challenges in the short term, with technical selling and liquidity concerns overshadowing its long-term investment potential, according to Ole Hansen, Saxo Bank's head of commodity strategy.
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