Gold prices rise
Vietnam's gold prices climbed on Monday morning following a more than 1% gain in global bullion rates.
Gold jewelry company prices in Vietnam surged 0.5% on Monday, with gold bars reaching VND141.7 million per tael and gold rings increasing by 0.57% to VND141.3 million per tael. A tael, equivalent to 37.5 grams or 1.2 ounces, experiences daily fluctuations in price.
On the global stage, gold prices climbed over 1% as oil costs softened inflation worries. Investors were waiting for key US inflation data and insights from the Federal Reserve regarding its policy stance. Spot gold prices rose 1.4% to $4,123.46 per ounce, with US gold futures for December delivery also gaining 1.4% to $4,132.70.
Bullion prices climbed approximately 5% last week. Oil prices dropped after US President Donald Trump expressed strong doubts about initiating more attacks on Iran, as negotiations toward resolving the conflict persisted. The president's more diplomatic approach toward Iran is helping to stabilize oil prices and alleviate some inflation pressure that had been impacting gold prices. Analyst Tim Waterer attributed this to a slight weakening of the dollar, which in turn reduces the likelihood of a December rate hike.
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