A person shows a gold ring at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam’s gold bar price rose to another record Saturday morning amid a surge of the precious metal on global markets.
Saigon Jewelry Company gold bar went up 1% to VND130.6 million (US$4,957.30) per tael.
Gold ring went up 1.21% to VND125 million per tael.
Gold has gained 53% since the beginning of the year.
Globally gold prices rose around 1% on Friday and were poised for their best monthly performance since April, as U.S. inflation data reinforced expectations that the Federal Reserve could cut interest rates next month, Reuters reported.
Spot gold was up 0.8% at $3,443.19 per ounce, its highest level since July 17. Bullion has gained 4.7% in August.
“Gold is benefiting from this uncertainty (around Fed independence), as shown by inflows into gold ETFs of just under 15 tons in the last two days. Nevertheless, the upside for gold above $3,400 is looking increasingly limited,” Commerzbank said in a note.
