Gold jewelry seen in a shop in HCMC. Photo by VnExpress/Thanh Tung
Vietnam gold prices surged Thursday morning to the highest since July 22, driven by a jump of the precious metal on global markets in the previous session.
Saigon Jewelry Company gold bar went up 2.66% to VND146.5 million (US$5,600.05) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 0.68% to VND147.5 million per tael. Gold prices in Vietnam have fallen 4.12% so far this year.
Globally gold slipped 0.75% to $4,488.30 per ounce following a surge on Wednesday to the highest in over 2.5 months.
The jump was “totally unexpected,” said Robert Gottlieb, an industry expert and former head of precious metals at Koch Supply and Trading, as reported by Reuters.
“Very bullish for gold due to lower yields on longer-dated Treasuries and as it may help to bring the dollar lower.”
“While the fierce bid has faded in recent days, the (gold investment) flows could quickly return amid Treasury liquidity support, a Fed willing to look through an energy shock, and a growing stagflation narrative, which should all ultimately see lower real rates,” according to a note by TD Securities.
-
Jaiveer Mahendru Takes Sole Lead; Pratitee Bordoloi And Leyla Share Girls Lead In Asian Junior Chess
-
'NTA Needs Deep Structural Strengthening, Replacement Not Solution': Former UGC Chief Mamidala Jagadesh Kumar
-
Two held with hash oil worth Rs 1.75 crore in Hyderabad
-
Four cops suspended for failure to take action in missing case
-
BRICS Youth Ministers’ meeting concludes in Visakhapatnam
