Gold Prices Reach New Peak in Vietnam

Saigon Jewelry Company gold bar has seen a significant increase, jumping 2.54% to VND121 million (US$4,668.75) per tael. A tael, a traditional unit of measure, equals 37.5 grams or 1.2 ounces.

Rising Trends in Gold Rings and Bullion

The price of gold rings also climbed, increasing by 0.94% to VND118 million per tael. Since the start of the year, bullion prices in Vietnam have surged nearly 44%, marking a remarkable upward trajectory in the gold market.

Global Gold Market Highlights

On the global stage, spot gold rose 2.7% to $3,417.62 an ounce, with prices peaking at a record high of $3,430.18 during the session. This global surge reflects growing investor concerns and a shift towards gold as a safe haven amidst economic uncertainties.

Expert Insights on Monetary Policy

Chicago Fed President Austan Goolsbee expressed concerns over the independence of the U.S. central bank's monetary policy from political pressures. His remarks, as reported by Reuters, highlight the delicate balance between policy-making and political influence in shaping economic stability.

"We're seeing more weakness now in the dollar and gold is at all-time highs, so clearly investors are spooked and fear is taking over," Goolsbee noted, underscoring the current sentiment in the financial markets.