A person holds gold bars in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold price rose Tuesday morning as global rates reached a new record amid geopolitical tensions which drove up demand for safe-haven assets.
Saigon Jewelry Company gold bar went up 0.95% to VND159 million (US$6,038.50) per tael.
Gold ring increased by 0.97% to VND155.6 million per tael (37.5 grams or 1.2 ounces). Gold price in Vietnam has jumped 89% so far this year.
Globally gold soared to a record high on Tuesday, coming within a whisker of breaching the $4,500-per-ounce level, as investors flocked to the safe-haven metal on U.S.-Venezuela tensions, while silver also rallied to a fresh peak, Reuters reported.
Spot gold was up 0.9% at $4,486.41 per ounce after hitting a record $4,497.55 earlier in the day. U.S. gold futures for February delivery jumped 1.1% to $4,519.70.
“U.S.-Venezuelan tensions are keeping gold on the radar for investors as an uncertainty hedge,” said Tim Waterer, chief market analyst at KCM Trade, adding that gold had surged this week as part of a broader positioning shift with U.S. interest rates projected to ease further.
Bullion, a classic refuge in times of geopolitical and economic unease, has surged more than 70% this year, riding a potent mix of geopolitical risks, rate-cut bets, central bank buying, de-dollarization and renewed exchange-traded fund inflows.
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