Gold prices soar to new high
Saigon Jewelry Company gold bullion prices rose by 0. 35% to VND86.2 million (US$3,390.2) per tael Monday morning, surpassing the previous peak of VND85.8 million achieved last Friday.
Gold ring prices went up by a more modest 0.13% to VND74.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
The State Bank of Vietnam has been unable to narrow the price gap because its gold auctions have been canceled several times due to low participation as businesses deemed its floor prices to be too high.
Globally, gold price (XAU/USD) loses its recovery momentum around $2,295 on Monday during the early Asian session.
Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May this Friday
The precious metal climbed to $2,320 after the US Employment data was released last Friday due to the downbeat US economic data but erased its earlier gains after the hawkish remarks from the Fed.
Gold price trades on a softer note near $2,295 on Monday.