Gold jewelry seen in a store in HCMC. Photo by VnExpress/Quynh Tran
Vietnam gold price increased Friday morning as global rates hovered around a seven-week peak.
Saigon Jewelry Company gold bar went up 0.71% to VND155.6 million (US$5,914.56) per tael.
Gold ring was steady at VND153 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold price in Vietnam has surged 85% since the beginning of the year.
Globally gold prices held near a seven-week high on Friday, supported by expectations of more interest rate cuts next year after the U.S. Federal Reserve pushed back against hawkish market bets, while silver hovered just below Thursday’s record peak, Reuters reported.
Spot gold dipped 0.2% to $4,275.44 per ounce, but was on track for a 1.8% weekly gain after hitting its highest since Oct. 21 on Thursday.
“Gold is looking quite positive and investors are taking cues from the fact that the market is still pricing two rate cuts next year, even though the dot plot suggested just one,” said lender ANZ analyst Soni Kumari.
