A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam’s gold ring price reached a record VND91.8 million (US$3,596.47) per tael Wednesday morning before declining a few hours later.
It is currently at VND91.4 million per tael, up 0.55% from Tuesday and close to the previous peak of VND91.5 million.
Gold bar price went up 0.54% to VND91.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold fell on Wednesday on profit-taking after prices hit record highs recently, with investors watching out for peace talks after U.S. President Donald Trump’s administration agreed to hold more talks with Russia on ending the war in Ukraine, Reuters reported.
Spot gold shed 0.2% to $2,928.52 an ounce, $14 shy of its all-time high of $2,942.70 hit last week. U.S. gold futures dropped 0.1% to $2,945.90.
Bullion is viewed as a traditional hedge against rising inflation and geopolitical uncertainties.
“Trump’s presidency is creating macroeconomic and geopolitical uncertainties that are likely to prompt investors to diversify into gold,” analysts at ANZ said, adding that investment demand (in gold) would benefit from macroeconomic, geopolitical, trade and fiscal risks.
The bullion rose over 1% in the last session on concerns over economic growth, due to uncertainty surrounding Trump’s tariff plans prompting safe-haven flows into bullion.
