Vietnam gold prices rose Thursday morning amid an increase of the precious metal on global markets.
Saigon Jewelry Company gold bar went up 1.37% to VND148.4 million (US$5,643.98) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring increased by 1.37% to VND148.2 million per tael. Gold prices in Vietnam have fallen 2.88% so far this year.
Globally gold prices rose on Thursday, supported by softer than expected jobs data and lower oil prices, while the market’s focus turned to today’s U.S. payrolls report for fresh cues on the Federal Reserve’s trajectory, Reuters reported.
Spot gold rose 0.7% to $4,057.92 per ounce, after touching its highest level since June 23 in the previous session. U.S. gold futures for August delivery inched 0.3% lower to $4,070.10.
Bullion hovered close to a more than seven-month low on Wednesday before closing higher at $4,029.89, after private payrolls data came in softer-than-expected.
“The market’s cautious about being short down here because you’re seeing a couple of probes to the downside, which are quite rapidly being rejected,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.
“[National employment] data came in a little bit lower than the forecast, so that probably explains gold’s rally as some people think that the data will be reflected in non-farm payrolls,” said Frappell.
