Gold jewelry seen in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold price rose to another historic high Tuesday morning, extending its stellar performance as one of the best investment assets this year.
Saigon Jewelry Company gold bar jumped 2.54% to VND121 million (US$4,668.75) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring increased by 0.94% to VND118 million per tael.
Bullion price in Vietnam has risen nearly 44% since the beginning of the year.
Globally spot gold rose 2.7% to $3,417.62 an ounce. Prices hit a record high of $3,430.18 earlier in the session.
Chicago Fed President Austan Goolsbee said on Sunday that he hopes the U.S. is not moving to an environment where the ability of the central bank to set monetary policy independent of political pressure is questioned, Reuters reported.
“We’re seeing more weakness now in the dollar and gold is at all-time highs, so clearly investors are spooked and fear is taking over.”
