Gold price increases

By Dat Nguyen   April 19, 2024 | 08:01 pm PT
Gold price increases
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.18% to VND83.85 million ($3,295.34) per tael Saturday morning.

Gold bar has increased by 0.90% this week.

Gold ring price was stable at VND76.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

On Monday, the State Bank of Vietnam plans to sell 16,800 taels of gold bullion to businesses, with the goal of augmenting the supply of precious metals amidst soaring prices. This move is intended to foster the stable operation of the domestic market.

Globally gold prices rose on Friday and logged a fifth consecutive weekly rise, as fears of further tit-for-tat retaliation between Iran and Israel triggered safe-haven demand, Reuters reported.

Spot gold was up by 0.7% at $2,395.15 per ounce after rising as high as $2,417.59 earlier in the session. Prices were up 2.2% this week.

U.S. gold futures settled 0.7% higher at $2,413.8.

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