Gold rings on display at a shop in Hanoi. Photo by Read/Giang Huy
Vietnam gold ring price rose by 0.23% to a new historic peak of VND88 million (US$3,466.6) per tael Wednesday morning.
Gold bar price was stable at VND89 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Since the beginning of the year, gold ring price has increased by 39%.
Globally, gold prices jumped to record high on Wednesday, Reuters reported.
Gold prices hit a record high of $2,749.07 in early trade before giving up some of the gains to settle near $2,743.42 as the conflict in the Middle East along with uncertainty around the Fed outlook and U.S. election stokes demand for safe-haven assets.
Bullion, considered a hedge against geopolitical and economic uncertainties, has gained over 33% this year, reaching multiple records. Lower interest rates also increase the appeal of holding gold.
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