Record-Breaking Gold Prices in Vietnam

In a startling development, the Saigon Jewelry Company reported a 0.40% increase in gold bar prices, reaching VND124.7 million (US$4,744.96) per tael. Meanwhile, gold rings held steady at VND119.6 million per tael. This surge marks a 48% increase in gold prices within Vietnam this year alone.

Global Gold Market Trends

The global gold market is also witnessing an upward trend, with prices climbing for the third consecutive session. This rise is attributed to growing expectations of a U.S. Federal Reserve interest rate cut in September, following recent tame inflation data. Spot gold saw a 0.4% increase to $3,367.53 per ounce, while U.S. gold futures for December delivery edged up 0.3% to $3,416.70.

Expert Insights

"Markets are anticipating a 50 basis points cut by the Fed in September, leading to a weaker dollar and lower yields, which in turn, boosts gold prices," explained Kyle Rodda, a financial market analyst at Capital.com. He further noted, "The technical indicators for gold are highly constructive, with the trend pointing upwards. The next critical milestone is sustaining above the $3,400 level."