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The price of gold in Vietnam kept rising on Tuesday morning, hitting yet another record high, after a significant increase in the value of this valuable metal on the international market during the previous week.

The Saigon Jewelry Company’s gold bar increased by 0.47% to VND127.7 million (US$4,849.70) per taels.

The gold ring increased by 0.41%, reaching VND122.1 million per taels, setting another new peak.

In Vietnam, gold prices have risen by 52% from the start of the year, outperforming the stock market’s increase of 29%.

The American currency, on the other hand, has increased by 3.75% compared to the Vietnamese ฤ‘แป“ng.

Gold prices remained stable worldwide, with investors turning their attention toward the forthcoming U.S. PCE figures to gain insight into the Federal Reserve’s future monetary strategy, although a robust dollar limited upward movement.
Reuters
reported.

Gold prices remained unchanged at $3,372.67 per ounce, following a peak not seen since August 11 earlier in the week.

December-delivery U.S. gold futures closed down 0.03% at $3,417.5.

Gold prices reached almost a two-week peak on Friday following comments from Federal Reserve Chairman Jerome Powell suggesting a potential reduction in interest rates during the U.S. central bank’s upcoming meeting. Powell noted that dangers to the employment sector were increasing, although he emphasized that inflation still posed a challenge and no final choice had been made yet.

The charm of non-earning gold decreases when interest rates rise.


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