The price of gold in Vietnam declined on February 8 as global bullion prices plummeted after Jerome Powell, Chairman of the US Federal Reserve (Fed), sent a message that interest rates may increase further in the future to curb inflation.
The conflict between Russia and Ukraine has created the possibility of the US Federal Reserve (FED) to raise interest rates and for the US dollar to rise in the global market. This could have a ripple effect on the Vietnamese dong and on gold prices as well.
Although the Covid-19 pandemic still negatively affected Vietnam’s stock market, as well as many countries around the world, Vietnam's stock market is recovering with good liquidity, showing that many positive factors have appeared.
Escalating geopolitical risks surrounding North Korea's nuclear and ballistic missile programs have caused gold prices to soar in South Korea and led to a surge in trade in the precious metal, the local exchange said Sunday.