On Saturday, the price for gold bars from Saigon Jewelry Company surged by 1.73%, hitting VND123.5 million (approximately US$4,710.14) per tael, tantalizingly close to the historic peak of VND124 million set on April 22. Gold rings also saw a bump, climbing 1.62% to VND119 million per tael, with a tael equaling 37.5 grams or 1.2 ounces.
Since January, the price of gold in Vietnam has skyrocketed by 47%, reflecting a broader pattern of investment interest amid evolving economic conditions.
On the global stage, gold prices surged nearly 2% to reach a one-week high on Friday, driven by disappointing U.S. payroll data that heightened expectations for rate cuts from the Federal Reserve, as well as new tariff announcements that increased demand for safe-haven assets. In fact, spot gold, which peaked at its highest since July 25, saw an impressive rise, adding 1.8% to $3,347.66 per ounce after flirting with a 2% increase earlier in the day. Over the past week, bullion notched a 0.4% gain.
“Although payroll figures came in below forecasts, they were slightly higher than the market anticipated. This enhances the likelihood that the Federal Reserve will consider rate cuts later this year,” remarked Bart Melek, head of commodity strategies at TD Securities, to Reuters. Indeed, gold, often regarded as a non-yielding asset, tends to thrive in a low-interest-rate environment, leaving investors on the edge of their seats to see how this plays out.
How much have gold prices in Vietnam increased since the beginning of the year?
Gold prices in Vietnam have jumped 47% since the start of the year.
What recent economic data influenced the rise in gold prices globally?
Weaker-than-expected U.S. payroll data played a crucial role in boosting expectations for Federal Reserve rate cuts, which in turn heightened demand for gold as a safe-haven asset.
What were the recent price movements for gold bars and rings in Vietnam?
Gold bars increased by 1.73% to VND123.5 million per tael, while gold rings rose by 1.62% to VND119 million per tael.
