Gold Prices in Vietnam Reach Staggering Heights

Saigon Jewelry Company gold bar witnessed a significant surge, jumping 1.73% to VND123.5 million (US$4,710.14) per tael, closely trailing the historic peak of VND124 million recorded on April 22.

Rising Trends in Gold Ring Prices

Similarly, the price of gold rings increased by 1.62%, reaching VND119 million per tael. It's noteworthy that a tael is equivalent to 37.5 grams or 1.2 ounces.

Year-to-Date Surge in Vietnam's Gold Market

Since the beginning of the year, Vietnam’s gold price has experienced a remarkable 47% increase, highlighting a booming demand in the precious metals market.

Global Gold Market Responds to Economic Indicators

On the global stage, gold prices rose nearly 2%, achieving a one-week high. This surge was fueled by weaker-than-expected U.S. payrolls data, which heightened expectations for a Federal Reserve rate cut, alongside fresh tariff announcements that spurred safe-haven demand.

Spot gold peaked at its highest level since July 25, with a 1.8% increase to $3,347.66 per ounce, after an initial rise of up to 2% earlier in the day. Over the week, bullion saw a modest gain of 0.4%.

According to Bart Melek, head of commodity strategies at TD Securities, the payroll numbers, though below expectations, were slightly higher than market predictions. This scenario enhances the likelihood of the Federal Reserve implementing rate cuts later in the year, a situation where gold, as a non-yielding asset, traditionally thrives.