Gold prices advance
Vietnam gold prices rose Tuesday morning following a recovery of the precious metal on global markets in the previous session.
Gold prices in Vietnam surged this week, climbing 0.86% to VND141.2 million (US$5,478.29) per tael for a gold bar, according to the Saigon Jewelry Company. A tael weighs 37.5 grams or 1.2 ounces. Gold rings also increased by 0.14% to VND139.7 million per tael.
The year-to-date performance of gold in Vietnam has been a decline of 7.6%. Globally, gold maintained a steady price of $3,944.60 per ounce on Monday, after a 1.8% rebound on the previous day. The price rise was supported by a drop in oil prices, which helped ease inflation concerns. Investors were also looking ahead to the U.S. midterm elections scheduled for later in the week.
Weaker oil prices have provided some relief, specifically by reducing inflation concerns. However, the market remains cautious about a potential December rate hike from the Federal Reserve. Recent odds of a rate increase have decreased slightly over the past few trading sessions, according to Peter Grant, vice president and senior metals strategist at Zaner Metals.
The metal's 14-day Relative Strength Index, a technical indicator, rose to around 37 on Monday from below 30 on Friday, suggesting the metal had moved out of a technically oversold zone.
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