Vietnam gold prices edged higher Tuesday morning, hitting the highest since July 22, as the precious metal posted a third consecutive gain on global markets.
Saigon Jewelry Company gold bar went up 0.62% to VND145 million (US$5,548.44) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 0.97% to VND145.9 million per tael. Gold prices in Vietnam have fallen 5.1% so far this year.
Globally gold rose for a third straight session on Tuesday to its highest in more than two months, while investors focused on upcoming inflation data for clues on the U.S. interest-rate outlook, Reuters reported.
Spot gold climbed 1% to $4,432.74 per ounce, hitting its highest level since June 5. U.S. gold futures rose 1.7% to $4,492.60.
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Gold jewelry seen in a shop in HCMC. Photo by VnExpress/Thanh Tung |
The move “is being driven by a degree of FOMO (fear of missing out) from those who missed the dip to $4,000, some short-covering from speculative accounts, and a return of safe-haven flows,” IG market analyst Tony Sycamore said.
“In the medium term, we do expect prices to break and open the way for a stronger recovery towards $5,000.”
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