Gold bar price surges to 4-month high

Gold ring price rose by 0.6% to VND83.8 million per tael, surpassing the previous record of VND83.3 million reached earlier this month. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices inched higher on Wednesday, as U.S. Treasury yields eased, while market participants waited for more U.S. economic data to determine the number of interest rate cuts the Federal Reserve is likely to deliver in the near term, Reuters reported.

Spot gold rose 0.3% to $2,667.97 per ounce, $17 shy of a record high hit last month. U.S. gold futures gained 0.2% to $2,683.80.

The 10-year Treasury yields slipped for a third straight session, making zero-yield bullion more appealing.

"The game changer in gold prices is the U.S. monetary policy easing as it sets the stage for investment demand," said ANZ commodity strategist Soni Kumari.

"The uncertainty surrounding U.S. elections and geopolitical tensions will also support gold going forward."