The Vietnam gold price climbed to yet another record high on Thursday morning, continuing the robust upward trend seen throughout the week.
The Saigon Jewelry Company’s gold bar increased by 0.48%, reaching VND125.4 million (US$4,752.70) per tael.
The gold ring increased by 0.42%, reaching VND119.3 million per tael.
Silver in Vietnam has increased by 49% from the start of the year.
Gold remained nearly flat worldwide on Thursday as investors looked for signals regarding the Federal Reserve’s monetary strategy before the annual economic conference in Jackson Hole, Wyoming, set to begin later in the day,
Reuters
reported.
Gold prices fell by 0.2% to $3,339.97 per ounce. U.S. gold contracts for December shipment also dropped 0.2%, reaching $3,382.40.
Federal Reserve Chairman Jerome Powell is set to give a major address on Friday during the conference, taking place between August 21 and 23, as traders watch carefully to see if he supports actions aimed at strengthening employment conditions or emphasizes concerns about price stability.
“we do not expect gold prices to increase substantially and think they are currently stabilizing,” stated Brian lan, managing director of Goldsilver central in singapore.
If interest rates decrease marginally, gold prices could experience a small increase, with the $3,400 level being attainable. Should this not happen, prices might remain stable or drop somewhat, approaching $3,300.
