Gold Prices Increase

Saigon Jewelry Company's gold bar price rose 0.99% to VND143.2 million per tael. A tael is 37.5 grams or 1.2 ounces.

The price of a gold ring did not change at VND144.2 million per tael. Gold prices in Vietnam have fallen 6.3% this year.

Gold prices rose globally for the fourth time on Thursday and reached their highest level in seven weeks due to a weaker dollar and lower Treasury yields.

The price of spot gold rose 0.5% to $4,265.22 per ounce after reaching its highest level since June 18. On Wednesday, gold had its biggest daily gain since February.

A market analyst said the big increase in gold prices happened because people are hopeful about a diplomatic breakthrough in the Middle East. This could keep oil prices low and reduce the need for central banks to raise interest rates, which is good for gold.

If gold prices stay above the 200-day moving average, they could recover more and reach $5,000.

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