Vietnam gold prices jump as global demand picks up

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.