Gold Prices Reach New Heights

In a remarkable turn of events, the Saigon Jewelry Company gold bar has seen a 0.41% increase, reaching VND122.7 million per tael. This measurement, equivalent to 37.5 grams or 1.2 ounces, marks a significant moment in the gold market.

Historic Peaks and Current Stability

The gold market is buzzing as prices approach the historic peak of VND124 million per tael, last seen on April 22. Meanwhile, gold rings have remained stable at VND118.1 million per tael, showcasing the diverse dynamics within the gold trading sector.

Unprecedented Yearly Growth

Vietnam has witnessed a staggering 46% surge in gold prices since the beginning of the year. This dramatic increase has been attributed to a combination of global market expectations and limited supply of gold bars, as highlighted in a recent report by the State Bank of Vietnam.

Global Factors Influencing Gold Prices

The Federal Reserve's warnings about rising inflation and labor market risks have further fueled economic uncertainty, propelling gold prices upward. Spot gold rose by 1.4% to $3,409.76 an ounce, with U.S. gold futures also seeing a 0.7% increase to $3,416.70.

Looking Ahead

As the world watches the outcome of the U.S.-China trade talks, the gold market remains a focal point for investors seeking a safeguard against political and financial turmoils. With the State Bank of Vietnam planning to revise the decree governing the gold market, the future of gold trading is poised for significant changes.