A person holds gold bars at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Gold bar price in Vietnam increased by 0.58% to VND86.7 million (US$3,411.37) per tael Friday morning as global rates were headed for their best week in a year.
Gold ring price went up by roughly the same rate to VND86.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts, Reuters reported.
Spot gold rose 0.7% to $2,688.70 per ounce. Bullion was up nearly 5% for the week so far, its best week since early October 2023. U.S. gold futures gained 0.6% to $2,691.00.
Gold is drawing support from Bitcoin’s surge towards $100,000, escalations between Russia and Ukraine and the risk of further conflict, said Marex analyst Edward Meir.
Meanwhile, the Chicago Federal Reserve President on Thursday reiterated his support for further U.S. interest rate cuts and his openness to slowing them down.
Gold’s appeal is bolstered by geopolitical tensions, economic risks and a low interest rate environment.
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