A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar prices reached a new all-time high Monday morning despite a drop in global bullion rates.
Saigon Jewelry Company gold bar rose to VND126.9 million (US$4,823.81) per tael, up 0.24% from the previous high of VND126.6 million reached last weekend.
Bullion prices have risen by 50.7% in the year to date and are now nearly VND19.7 million per tael higher than global rates.
Gold ring price went up by 0.25% to VND121.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold slipped on Monday from a near two-week high, as the dollar crept higher, although increased expectations of U.S. interest rate cuts following Federal Reserve Chair Jerome Powell’s dovish pivot last week lent some support to bullion, Reuters reported.
Spot gold was down 0.2% at $3,364.29 per ounce after hitting its highest since Aug. 11 on Friday. U.S. gold futures for December delivery eased 0.3% to $3,409.60.
The U.S. dollar index rose against its rivals after dropping to a four-week low, making gold less attractive to overseas buyers.
“There’s a decent level of support for gold around $3,350 over the near term, with Powell’s dovish hints allowing gold to carve out a prominent swing low on Friday,” City Index senior analyst Matt Simpson said.
“A sustained rally likely requires softer PCE inflation and weaker employment data going forward. But with inflation likely to remain elevated, gold’s gains could remain capped beyond the expected initial bounce.”
