A person looks at gold jewelry in a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam gold prices rose further Wednesday afternoon amid record-high global bullion rates.
Saigon Jewelry Company gold bar price went up another 0.42% to VND142.5 million (US$5,405.61) per tael following a 0.92% increase in the morning.
Bullion prices have gained 68% in the year to date and are now over VND14 million per tael higher than global rates.
Gold ring price was at VND139.5 million per tael, up 0.29% from earlier in the day. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold extended its historic rally to break above $4,000 an ounce for the first time on Wednesday, as investors piled into the safe haven to seek cover from mounting geopolitical uncertainty while betting on more U.S. interest rate cuts, Reuters reported.
Spot gold jumped 1.2% to $4,032.46 per ounce. U.S. gold futures for December delivery climbed 1.3% to $4,054.80 per ounce.
The precious metal has climbed twofold over the last three years and 12% in September alone.
Usually in a given year, one or two risk drivers move the gold price, BNP Paribas analyst David Wilson said: “But right now, everything that is a traditional gold driver is happening.”
