Gold jewelry seen at a shop in Hanoi. Photo by Read/Giang Huy
Vietnam gold price rose Monday morning as global rates reached an unprecedented level amid anticipation of further interest rate cuts.
Saigon Jewelry Company gold bar increased by 0.57% to VND157.5 million (US$5,983.58) per tael.
Gold ring went up 0.20% to VND154.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices surged to a record high on Monday, riding on growing expectations of further U.S. interest rate cuts and strong safe-haven demand, with silver also joining the rally to hit an all-time peak, Reuters reported.
Spot gold rose 1.2% to a record $4,391.92 an ounce, while spot silver climbed 2.7% to hit a historic high of $69.23.
Bullion has gained 67% so far this year, shattering multiple records and breaching the $3,000 and $4,000 per-ounce milestones for the first time. It is poised for its biggest annual gain since 1979.
Comments are closed.