Gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices increased Wednesday morning amid a rise global bullion rates.
Saigon Jewelry Company gold bar price gained 0.55% to a new record of VND162.9 million (US$6,197.47) per tael. The same rate is seen at other sellers.
Local bullion prices are nearly VND16 million per tael higher than global rates.
Gold ring price saw a 0.57% increase to VND159.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold rose 0.6% to $4,613.93 per ounce on Wednesday, Reuters reported.
The metal earlier hit a record high of $4,634.33 on Tuesday, fueled global uncertainties and cemented bets on Federal Reserve rate cuts this year.
“The reason for the slightly positive tone across the board in the markets was the benign CPI data (which) portends a higher likelihood of Fed rate cuts in the future,” said David Meger, director of metals trading at High Ridge Futures.
The Fed is expected to keep rates steady at its Jan. 27-28 meeting, though investors currently anticipate two interest rate cuts this year. Lower interest rates tend to be favourable for non-yielding bullion.
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