Vietnam gold price surged Tuesday morning amid the precious metal’s gain on global markets, driven by political uncertainties.
Saigon Jewelry Company gold bar went up 0.57% to VND158 million (US$6,011.49) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring increased by 0.39% to VND154 million per tael. Gold price in Vietnam has risen 83% year-on-year.
Globally gold rose to a one-week high after U.S. strikes in Venezuela added to bullion’s safe-haven appeal. Spot gold increased by 0.39% to $4,465.50 per ounce.
“The situation around Venezuela has clearly reactivated safe-haven demand, but it comes on top of existing concerns about geopolitics, energy supply and monetary policy,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
Gold posted a 64% gain last year, driven by geopolitical flashpoints and the U.S. Federal Reserve’s rate-easing cycle. Expectations of even lower rates, along with central bank buying and ETF flows gave further support.
