Gold jewelry seen in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices continued to climb Saturday morning, reaching the highest since July 21 as the precious metal ended the week 5% higher on global markets.
Saigon Jewelry Company gold bar went up 0.41% to VND147.6 million (US$5,649.76) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring increased by 0.34% to VND148.5 million per tael. Gold prices in Vietnam have fallen 3.4% so far this year.
Globally gold climbed to a more than three-month high on Friday, on track for its third straight weekly gain, aided by a break above key technical levels as the U.S. Treasury’s buyback support plan dragged on the dollar, Reuters reported.
Spot gold climbed 2.4% to $4,623.94 per ounce, earlier touching $4,631.99, its highest since May 15. U.S. gold futures settled 2.4% higher at $4,680.60.
Prices have gained over 5% so far this week, including their biggest one-day rise since early February registered on Wednesday.
The metal is also trading above all key moving averages, having broken above the closely watched 200-day moving average of around $4,513, a move technical analysts typically view as bullish.