Gold bars seen at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold price rose Tuesday afternoon as global rate continued its rally.
Saigon Jewelry Company gold bar went up 0.52% to VND135.8 million (US$5,145.89) per tael.
Gold ring was steady at VND130.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold has risen 61% in Vietnam since the beginning of the year.
Globally gold prices scaled a record peak on Tuesday, buoyed by a weaker U.S. dollar and a dip in bond yields, as growing expectations of a Federal Reserve rate cut this month lifted demand for the precious metal, Reuters reported.
Spot gold was up 0.2% at $3,642.09 per ounce, after hitting a record high of $3,659.10 earlier in the session.
U.S. gold futures for December delivery edged 0.1% higher to $3,682.10.
“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,” KCM Trade Chief Market Analyst Tim Waterer said.
