A person touches a gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam gold price Thursday morning rose to another historic peak this week while global rates continued to rally amid hopes of an U.S. interest rate cut.
Saigon Jewelry Company gold bar jumped 0.40% to VND124.7 million (US$4,744.96) per tael.
Gold ring was steady at VND119.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold has gone up 48% in Vietnam this year.
Globally gold extended gains to a third straight session on Thursday, supported by rising expectations of an interest rate cut by the U.S. Federal Reserve in September following tame inflation data, which also weighed on the dollar, Reuters reported.
Spot gold rose 0.4% to $3,367.53 per ounce. U.S. gold futures for December delivery added 0.3% to $3,416.70.
“Markets are pricing in the chance that the Fed cuts 50 basis points in September. So the dollar’s weakening, gold’s going up as a result, yields are also down,” said Kyle Rodda, Capital.com’s financial market analyst.
“The technical setup of gold looks really constructive. The trend still looks higher. We just basically need to see the market break through $3,400 level on a sustained basis.”
