Gond rings on display at a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold ring price jumped 0.71% to a new historic peak of VND85.1 million (US$3,368.30) Friday morning as global bullion values surpassed the $2,700-per-ounce level for the first time ever.
It has increased by 2% this week and nearly 35% in the year to date. A tael equals 37.5 grams or 1.2 ounces.
Gold bar price was steady at VND86 million per tael.
Globally, gold breached the $2,700-per-ounce level on Friday for the first time ever, as U.S. election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally, Reuters reported.
Spot gold firmed 0.5% to $2,706.76 per ounce, adding nearly 2% so far in the week. U.S. gold futures rose 0.5% to $2,722.00.
“Gold has scoffed at a surging dollar and rallies at every chance it gets. It’s just a bull market that shows no signs of exhaustion,” said Tai Wong, a New York-based independent metals trader.
Gold is expected to trade within the range of $2,500-$2,800 in the coming months, as prices receive support from Fed’s rate cuts and high levels of geopolitical tension, BMI analysts said.
Lower rates increase the non-yielding bullion’s appeal, which is considered a safe investment during times of turmoil.
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