The most read Vietnamese newspaper
Edition: International | Vietnamese
© Copyright 1997 VnExpress.net. All rights reserved.
Gold ring price inched up 0.39% to VND77.9 million per tael.
Globally gold prices rose by more than 1% on Monday to hit the highest since Aug. 2, driven by safe-haven inflows as traders awaited U.S. inflation data this week that could shed more light on the Federal Reserve's interest rate cut path, Reuters reported.
It was at $2,462.50 per ounce at the time of publishing.
Price support from bullish charts in gold have prompted technical buying, said Jim Wycoff, senior analyst at Kitco Metals.
"You're also seeing a little bit of safe-haven demand coming from heightened tensions in the Middle East."
Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.
"Every way you look at it, gold now screens as a well-populated trade. The Street is unanimously bullish, but macro fund positioning may now be tapped out without an imminent recession," TD Securities said in a note.
