Gold bars seen at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices continued its rally Tuesday afternoon as global spot gold heads for its biggest gain in a day since 2008.
Saigon Jewelry Company gold par went up 6.3% to VND176.5 million (US$6,788.60) per tael as of 3.30 p.m. It has added 1.73% in value since 10 a.m.
Gold ring increased by 5.4% to VND174.5 million per tael. Gold prices in Vietnam has risen 15.5% so far this year.
Globally gold surged over 5% on Tuesday, on track for its biggest daily gain since November 2008, while silver also jumped as precious metals staged a comeback after their steepest two-day drop in decades, Reuters reported.
Spot gold was up 5.85% at $4,931 per ounce at the time of publishing.
“It’s a reasonable call that this is somewhere around fair value potentially, if you consider that we saw a market behaving fairly irrationally for a few weeks there,” said Kyle Rodda, a senior market analyst at Capital.com.
“The current prices take gold and silver back to where they were, early in the second half of January.”
Gold’s spectacular rally saw it smash multiple peaks and log a nearly 13% gain in January, its biggest monthly gain since November 2009, while silver touched an all-time high of $121.64 last Thursday.
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