Gold jewelry seen at a shop in Hanoi. Photo by Read/Giang Huy
Vietnam gold price rose Thursday morning, remaining at the highest in over two weeks, as global rates moved up.
Saigon Jewelry Company gold bar increased by 0.76% to VND119.7 million (US$4,598.99) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring gained 0.87% to VND115.8 million per tael.
Globally gold prices rose on Thursday, bolstered by rising tensions in the Middle East and a weaker dollar, while softer-than-expected U.S. inflation data boosted expectations of Federal Reserve rate cuts, Reuters reported.
Spot gold was up 0.7% at $3,375.06 an ounce. U.S. gold futures gained 1.5% to $3,395.
The U.S. dollar index fell to a near two-month low, making greenback-priced bullion more attractive to overseas buyers.
The weakness in the dollar index serves as a strong catalyst, said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA, adding that a “bullish breakout” of the $3,346 resistance triggered technical buying.
