On Wednesday, the price of gold in Vietnam saw a further increase, continuing its upward trajectory in the wake of record-high global bullion rates. The Saigon Jewelry Company raised the price of its gold bars by 0.42% to VND142.5 million (equivalent to US$5,405.61) per tael. This upward adjustment came after a morning increase of 0.92%.
Bullion prices have seen a significant rise of 68% in the year-to-date. Currently, these prices are now over VND14 million per tael higher than the global rates. In the day’s trading, the price of a gold ring rose to VND139.5 million per tael, marking a 0.29% increase from its value earlier in the day. It’s crucial to note that in Vietnam, a tael is equivalent to 37.5 grams or 1.2 ounces.
Worldwide, gold prices continue their historic surge, breaking past the $4,000 an ounce mark for the first time. This milestone was reached on Wednesday as investors sought refuge in the safe haven asset amid growing geopolitical uncertainties and speculation of further U.S. interest rate cuts. The spot gold price rose 1.2% to stand at $4,032.46 per ounce. Concurrently, U.S. gold futures for December delivery rose by 1.3% to register at $4,054.80 per ounce.
This precious metal has experienced a twofold increase over the past three years, with a 12% rise in September alone. According to BNP Paribas analyst David Wilson, in most years, one or two risk drivers influence the gold price. He noted, “Right now, everything that is a traditional gold driver is happening.”
What is the current price of gold per tael in Vietnam?
The price of gold per tael in Vietnam as determined by the Saigon Jewelry Company is currently VND142.5 million, equivalent to US$5,405.61.
What factors are contributing to the current rise in global gold prices?
The rise in global gold prices can be attributed to increasing geopolitical uncertainties and expectations of further U.S. interest rate cuts, driving investors towards the safe haven asset.
What has been the percentage increase in gold prices over the past three years?
Gold prices have seen a twofold increase over the past three years.
