Gold prices surged in Vietnam on Thursday morning, hitting their highest point in over two weeks. This increase was driven by rising global prices. The Saigon Jewelry Company reported a 0.76% rise in the price of gold bars, which are now valued at VND119.7 million (approximately US$4,598.99) per tael. Gold rings also saw an increase of 0.87%, reaching VND115.8 million per tael.
Internationally, gold prices saw a boost as geopolitical tensions in the Middle East and a weakening U.S. dollar made the precious metal more attractive to investors. Spot gold rose by 0.7% to $3,375.06 per ounce, while U.S. gold futures increased by 1.5%, reaching $3,395.
The U.S. dollar index recently fell to its lowest level in nearly two months, further supporting the rise in gold prices. Kelvin Wong, a senior market analyst at OANDA, pointed out that this weakness in the dollar served as a strong catalyst for gold’s price increase. The breakout of the $3,346 resistance level also triggered technical buying among investors.
As gold continues to shine in uncertain times, both experienced investors and newcomers to the market are taking notice of its potential.
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