Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices rose further on Wednesday afternoon following a 2.3% jump earlier in the session.
Saigon Jewelry Company gold bar price gained another 1% from the morning to VND183.2 million (US$7,027.90) per tael of 37.5 grams or 1.2 ounces.
Gold ring price similarly jumped to VND182.7 million per tael. It earlier went up by 2.43%.
Globally, spot gold climbed 1.8% to $5,279.94 per ounce on Wednesday after scaling a record high of $5,285.35 earlier. It has gained more than 20% since the start of the year. U.S. gold futures for February delivery surged 3.8% to $5,274.80 per ounce, Reuters reported.
The record-breaking run has been propelled by central bank buying to reduce reliance on the U.S. dollar and strong demand across the board from buyers looking for a safe-haven asset after the tumultuous first year of U.S. President Donald Trump’s second presidency.
Analysts at Societe Generale said on Monday they expect to see gold reach $6,000/oz by year-end, a forecast they said was conservative because prices could well go higher.
