Gold price gains in eighth session
Vietnam’s gold prices climbed up for the eighth straight session Wednesday even as global rates steadied because of rising dollars.
Saigon Jewelry Company (SJC) sold its gold at VND62.15 million ($2,727.65) per tael in the morning, up 0.57 percent from Tuesday afternoon. A tael equals 37.5 grams or 1.2 ounces.
This means gold prices are 0.24 percent away from the previous historic peak last year.
Since early November, gold has gained 6.6 percent.
Vietnam’s gold is now VND11.25 million more expensive than global rates.
Globally, spot gold rose 0.2 percent to $1,854.39 per ounce Wednesday, a marginal gain as a jump in U.S. retail sales kept the dollar close to a 16-month high.
U.S. retail sales jumped in October, topping expectations, in an indication that high inflation was not yet dampening spending, even as worries about the rising cost of living sent consumer sentiment tumbling to a 10-year low in early November.