Gold Prices in Vietnam Reach New Heights

Saigon Jewelry Company gold bar experienced a 0.41% increase, reaching VND123.8 million (US$4,726.91) per tael, just 0.16% shy of its previous peak on April 22.

Similarly, gold rings saw a 0.42% rise to VND119.3 million per tael. It's noteworthy that a tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Market Trends

On the global stage, gold prices remained steady, hovering near a more than one-week high. This stability comes in the wake of softer U.S. jobs data, fueling speculation of a Federal Reserve rate cut in September, which in turn has put pressure on the dollar and Treasury yields.

Spot gold was steady at $3,371.40 per ounce, after hitting its highest since July 24 the previous day. U.S. gold futures also showed no change, standing at $3,425.30.

According to Kelvin Wong, a senior market analyst at OANDA, "Short-term momentum has improved for the bullish side of the story... the fundamental narrative supporting gold prices is that the Fed is still in the mode to actually cut rates in September."