Gold bars on sale at a shop in HCMC. Photo by VnExpress/Quynh Tran
Vietnam gold bar price rose Friday morning to its historic peak previously reached in April.
Saigon Jewelry Company gold bar rate gained 0.16% to VND124 million (US$4,731.02) per tael, the record level established on April 22.
Bullion prices have increased by 45% in the year to date and are now VND16 million per tael higher than global rates.
Gold ring price was firm at VND119.3 million per tael, a 40% jump from the start of the year. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes, Reuters reported.
Spot gold was down 0.3% at $3,386.30 per ounce after hitting its highest since July 23 earlier in the session. Bullion is up 0.7% so far this week.
U.S. gold futures for December delivery were up 0.9% at $3,484.10, after hitting an all-time high of $3,534.10.
The price spread between New York futures and spot prices widened by more than $100 after the Financial Times reported on Thursday that the United States had imposed tariffs on imports of 1-kg gold bars, citing a letter from Customs and Border Protection.
The tariffs on gold bars “will create a dislocation or rather some issues in terms of settlement by big banks” and this was reflected in liquidity prices this morning, with prices jumping everywhere, said Brian Lan, managing director at GoldSilver Central, Singapore.
