Gold jewelry seen in a shop in HCMC. Photo by VnExpress/Quynh Tran
Vietnam’s gold price rose to a new historic peak Saturday morning, driven by a global hike.
Saigon Jewelry Company gold bar went up 0.45% to VND154.9 million (US$5,875.22) per tael.
Gold ring increased 0.79% to VND153.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold price in Vietnam has surged 84% since the beginning of the year.
Globally spot gold rose 1% to a two-week high on Friday, as expectations that the U.S. Federal Reserve will trim interest rates next month lifted demand for the non-yielding asset, while silver hit a fresh record high, Reuters reported.
Bullion was set for a 3.6% weekly gain and a 5.2% rise for the month, along with a fourth consecutive monthly increase.
Silver climbed to a fresh record high of $56.78 per ounce, up 6.1% for the session and 16.6% for the month.
“The expectation is that we’re going to continue to have a slower economy going into 2026, and the Federal Reserve is very likely to cut rates, which is getting some investors back” into gold, said Bart Melek, global head of commodity strategy at TD Securities. Gold tends to do well in low-interest-rate environments.
Gold demand was subdued across major Asian markets this week, as high prices curbed retail buying despite the start of India’s wedding season. In China, the removal of a tax exemption on gold purchases dented consumer appetite.
