Vietnamese Gold Market Hits New Milestone

Saigon Jewelry Company gold bar surged 2.14% to VND133.4 million (US$5,059.74) per tael, while gold ring prices rose 2.08% to VND127.6 million per tael.

Remarkably, gold has experienced an extraordinary 58% surge in Vietnam since the beginning of the year, reflecting the metal's growing appeal as a safe-haven asset.

Global Gold Rally Continues

Gold prices extended their record-breaking rally globally on Wednesday, driven by persistent market uncertainty and growing investor confidence that the U.S. Federal Reserve will cut interest rates this month, as reported by Reuters.

Spot gold climbed 0.1% to $3,537 per ounce after reaching an all-time high of $3,546.99 earlier in the trading session.

U.S. gold futures for December delivery advanced 0.3% to $3,602.50, signaling continued bullish sentiment among investors.

Silver Performance

Meanwhile, spot silver eased 0.2% to $40.82 per ounce, following its recent peak which marked the highest level since September 2011.