Vietnam Gold Prices Rise 0.91% on Global Bullion Gains
Saigon Gold Jewelry Company's gold bars reached VND144.3 million per tael on Friday, mirroring a global market rally driven by a weaker US dollar.
Local Gold Market Sees Gains
Gold prices in Vietnam increased on Friday, with Saigon Gold Jewelry Company reporting a 0.91% rise for its gold bars. The price reached VND144.3 million (US$5,585.55) per tael. Gold ring prices from the same company also climbed by 0.91% to VND143.8 million per tael. This marked a nearly 0.6% gain for the company’s gold bars over the week. A tael is a traditional unit of weight, equivalent to 37.5 grams.
Global Bullion Rally and Drivers
The increase in Vietnam's gold market occurred amid a global bullion surge of more than 1% on Friday. Spot gold prices advanced 1.1% to $4,177.44 per ounce, while US gold futures gained 1.1% to $4,202.00. This worldwide climb was influenced by a softer US dollar, declining Treasury yields, and reduced oil prices.
Market participants are currently evaluating ongoing inflation concerns and the outlook for the US Federal Reserve's interest rates.
Federal Reserve Policy and Outlook
Last month, the US central bank unanimously voted to increase its policy rate by a quarter of a percentage point. Tony Sage, CEO of Critical Metals, stated that potential future monetary tightening could keep gold prices at risk. Traders will be observing upcoming economic data for additional monetary policy indications ahead of the Federal Reserve’s October meeting. Sage suggested that weaker economic figures or guidance could lead to lower yields, which would support gold.
Vietnamese investors holding gold assets saw their value increase on Friday, with Saigon Gold Jewelry Company’s bars rising 0.91% to VND144.3 million per tael. The local market’s close connection to global bullion prices means that shifts in the US dollar and Treasury yields will continue to affect domestic gold valuations.
Investors in Vietnam will be watching the US Federal Reserve's upcoming October meeting for clarity on interest rate policy, as its decisions influence global gold prices.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
Comments.
Comments are moderated. We remove what is unlawful, abusive or off-topic, and and you remain responsible for what you post.
Reader comments open soon. Until then, corrections and responses go to our newsroom, and we publish what we get wrong on Corrections.