The price of gold in Vietnam has surged as the global market continues its upward trajectory. On Tuesday afternoon, the price of Saigon Jewelry Company gold bars increased by 0.52%, reaching VND135.8 million (approximately US$5,145.89) per tael. Meanwhile, gold rings remained stable at VND130.8 million per tael, with one tael equating to 37.5 grams or 1.2 ounces.
The rise in Vietnam is part of a broader trend, with gold prices in the country climbing 61% since the beginning of the year.
This rally is mirrored on the global stage, where gold prices recently hit record highs. On Tuesday, the spot price for gold rose by 0.2% to $3,642.09 per ounce, following a peak of $3,659.10 earlier in the day. The increase is attributed to a weakening U.S. dollar and declining bond yields, spurred by expectations of a Federal Reserve interest rate cut this month.
In the trading pits, December delivery futures for U.S. gold ticked up by 0.1%, pricing in at $3,682.10.
Market analysts suggest that there may be further increases in gold prices, with KCM Trade Chief Market Analyst Tim Waterer stating, “We probably will see more upside in gold from here provided that the U.S. central bank delivers with regards to market expectations of seeing multiple rate cuts.” Who knew that a metal often associated with royalty could be creating such a commotion in finance?
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