Gold bars being sold at a bank in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold bar price rose 0.34% to VND87.3 million (US$3,445.15) per tael Friday morning while global rates stood at their highest in over a month.
Gold ring price increased by 0.23% at VND86.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold stood at $2,714 on Friday, hovering close to Thursday’s high of $2,724.55, its strongest level in more than a month, Reuters reported.
Gold prices previously rose to a more-than-one-month high on Thursday after the latest U.S. economic data pressured the Treasury yields further, following a soft core inflation reading this week that increased bets for a more dovish Federal Reserve policy.
“Gold should find itself in a supportive environment, so long as market participants can hold on to expectations for Fed rate cuts in 2025,” said Exinity Group chief market analyst Han Tan.
Gold is seen as a hedge against inflation and geopolitical uncertainty, but higher interest rates tarnish non-yielding bullion’s allure.
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