A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price surged by 2.33% to VND88 million (US$3,491.7) per tael Monday morning as global rates reached a new all-time high.
Gold ring price rose by 0.47% to a historic peak of VND85.7 million per tael. Its previous record high was VND85.3 million per tael established last Friday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold hit another record high on conflict in the Middle East and an extremely close U.S. presidential election, with the yellow metal expected to stay in favor among much global uncertainty, Reuters reported.
Spot gold peaked at a record of $2,727.39 an ounce, extending its rally after having gained more than 2% last week.
With just about two weeks to go before the Nov. 5. U.S. election, bets that a Donald Trump victory are on rise in some financial instruments.
The Republican candidate’s tariff, tax and immigration policies are seen as inflationary, and thus negative for bonds and positive for the dollar.
“One of the clearest Trump trades so far has been gold, given his belligerent stance on trade and willingness to weaponize the dollar, keeping demand for diversification well supported among emerging central banks,” said Arun Sai, senior multi asset strategist at Pictet Asset Management.
