Gold price hits 12-month high

Vietnam’s gold price climbed to a 12-month high Monday even as global prices dropped.

Prices at state-owned Saigon Jewelry Company rose 0.05 percent from Saturday to VND57.98 million ($2,552.79) per tael Monday. A tael equals 37.5 grams or 1.2 ounces.

Other companies sold their gold 0.17 percent higher at VND58 trillion, a 12-month high.

Vietnam’s gold price is now VND10 million higher than global rates, widening from VND8 million a month ago.

Global gold prices were subdued Monday over fears the U.S. Federal Reserve would start paring its stimulus this year despite Friday’s weak job data.

Spot gold inched 0.1 percent lower to $1,755.68 per ounce.

Spot gold may bounce into the $1,763-$1,768 range, before resuming its fall towards a support of $1,724, according to Reuters technical analyst Wang Tao.