Ho Chi Minh City, Vietnam – In a significant upward movement, the Saigon Jewelry Company reported a 2.24% surge in the gold bar price, reaching VND77.45 million ($3,160.58) per tael on Saturday morning. Concurrently, the gold ring price experienced a 0.32% increase, reaching VND63.5 million per tael, where a tael equates to 37.5 grams or 1.2 ounces.
Internationally, gold prices reached a one-week peak on Friday, propelled by heightened geopolitical tensions in the Middle East, which sparked increased safe-haven buying. Additionally, softer U.S. producer price inflation contributed to speculations that the Federal Reserve might consider an earlier interest rate cut, as reported by Reuters.
Spot gold exhibited a 1% rise, reaching $2,048.21 per ounce, with an earlier session high of 1.7%. Despite maintaining a relatively flat performance throughout the week, gold continued its streak above the $2,000 level for nearly a month. U.S. gold futures settled 1.6% higher at $2,051.60, indicating sustained investor interest and confidence in the precious metal.
As global uncertainties persist, gold remains a preferred asset for investors seeking a safe haven against economic and geopolitical risks. The recent surge in prices reflects the market’s responsiveness to geopolitical developments and the potential for shifts in U.S. monetary policy.
