A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold price’s rally continued Tuesday afternoon with prices approaching the historic level achieved in April.
Saigon Jewelry Company gold bar went up 0.41% to VND123.8 million (US$4,726.91) per tael.
It is now 0.16% away from the previous peak of VND124 million on April 22.
Gold ring rose 0.42% to VND119.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold price in Vietnam has surged 47% since the beginning of the year.
Globally gold prices steadied on Tuesday, hovering near a more than one-week high hit in the last session, as a softer U.S. jobs bolstered hopes of a Federal Reserve rate cut in September, weighing on the dollar and Treasury yields, Reuters reported.
Spot gold held steady at $3,371.40 per ounce. Bullion hit its highest since July 24 on Monday. U.S. gold futures was unchanged at $3,425.30.
“Short-term momentum has improved for the bullish side of the story… fundamental narrative supporting gold prices is that the Fed is still in the mode to actually cut rates in September,” OANDA senior market analyst Kelvin Wong said.
