Gold Prices on the Rise

Gold ring prices have seen a significant increase of 0.85%, reaching VND119 million (US$4,552.42) per tael, while gold bar prices remain steady at VND121.5 million per tael. It's important to note that a tael is equivalent to 37.5 grams or 1.2 ounces.

Yearly Surge in Bullion Prices

Since the start of the year, bullion prices in Vietnam have experienced a dramatic surge of 44%, reflecting the volatile nature of the global gold market.

Global Gold Market Trends

On a global scale, gold prices reached their highest point in over a month this Tuesday, buoyed by a weaker U.S. dollar and lower Treasury yields. Investors are closely monitoring the progress of trade talks as the August 1 deadline approaches, according to Reuters.

Spot gold remained unchanged at $3,390.69 per ounce, after hitting its highest level since June 17 earlier in the session. Meanwhile, U.S. gold futures maintained their position at $3,405.20.

Expert Analysis

"Gold's upward trajectory is largely supported by positive technicals and reinforced by a broad base of dollar weakness," explained Kelvin Wong, a senior market analyst at OANDA.

Wong also highlighted the potential for uncertainty if the U.S. and its trading partners fail to agree on terms and conditions, which could lead to hedging activities by market participants in the near future.