The rally in Vietnam’s gold prices shows no signs of slowing down as values edge closer to their all-time high from earlier this year. On Tuesday afternoon, the Saigon Jewelry Company reported its gold bar price climbing 0.41% to reach VND123.8 million, or approximately US$4,726.91, per tael. This marks a mere 0.16% away from the previous peak of VND124 million recorded on April 22.
Meanwhile, the price of gold rings also saw an uptick, rising 0.42% to VND119.3 million per tael. For context, a tael is equivalent to 37.5 grams or 1.2 ounces.
The surge in gold prices in Vietnam has been impressive, escalating by 47% since the year’s start.
On the global stage, gold prices stabilized on Tuesday, maintaining a position near a one-week high following a slowdown in U.S. job growth, which fueled speculation of a potential Federal Reserve rate cut in September. This shift has influenced both the dollar and Treasury yields, according to reports from Reuters.
Spot gold remained steady at $3,371.40 per ounce, with bullion recently reaching its highest point since July 24. U.S. gold futures also held firm at $3,425.30.
“Short-term momentum has improved for the bullish side of the story… the fundamental narrative supporting gold prices is that the Fed is still in a position to actually cut rates in September,” noted Kelvin Wong, a senior market analyst at OANDA.
What recent trends are influencing gold prices in Vietnam?
Vietnam’s gold prices have surged 47% this year, with recent price increases attributed to expectations of a Federal Reserve rate cut, after slower job growth in the U.S.
How close are Vietnam’s gold prices to breaking previous records?
Gold prices in Vietnam are currently just 0.16% away from the previous peak of VND124 million per tael set in April, highlighting a potential upcoming record.
What are some global factors affecting gold prices?
Globally, gold prices have been influenced by recent U.S. economic data, particularly concerning job growth, which has led to speculation of a Federal Reserve rate cut, affecting the dollar and Treasury yields.
