Gold jewelry seen in a store. Photo by VnExpress/Giang Huy
Vietnam gold price was set at VND84.2 million (US$3,301.64) per tael Tuesday morning, up 13.8% from the beginning of the year.
Investors’ concerns of low domestic supply, fear of missing out, and rising geopolitical tensions globally have pushed up the price of the safe-haven metal.
Gold bar reached a new peak of over VND92 million per tael in May but quickly dropped the following month as the government intervened to reduce the gap between domestic and global rates.
Bullion then gradually recovered in the remainder of the year, posting a 9.4% gain in six months.
Globally gold prices were little changed on Tuesday, the last trading day of an eventful year that saw the metal post its best annual performance in more than a decade, Reuters reported.
Spot gold rose 0.1% at $2,608.09 per ounce. U.S. gold futures gained 0.1% to $2,620.60.
“Gold enjoyed a stellar year in 2024 and much of that move higher was predicated on the expected transition towards a lower interest rate environment,” said Tim Waterer, chief market analyst at KCM Trade.
