Gold gains 4 days in a row
Vietnam gold prices rose for a fourth consecutive session Thursday morning as the precious metal surged on global markets.
Gold prices in Vietnam surged for four consecutive days, rising 1.47% to VND144.5 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. Gold rings also saw a 1.56% increase, reaching VND143 million per tael. Throughout the year, gold prices have experienced a decline of 5.43%. Globally, gold experienced a surge of 1.89% to $4,136.20 per ounce, following a 3% increase on Wednesday.
This rise was driven by the dollar's decline, which occurred after Democrats won the U.S. midterm elections. As investors awaited the upcoming nonfarm payrolls report from the U.S., they sought refuge in gold. The weaker dollar made dollar-priced bullion less expensive for international buyers, thus boosting gold's appeal. Market analyst Jim Wyckoff of American Gold Exchange noted that gold received support from the expectation of a potential negative impact on the U.S. economy due to a likely deadlock in Congress, which might prompt the Federal Reserve to adopt a more accommodative monetary policy.
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