Gold bounces back to 11-day high

By Dat Nguyen   May 20, 2025 | 11:49 pm PT Google Get VnExpress first in Google Search info See more of the news you trust. Make VnExpress a preferred source to prioritise our updates in your Google search results
Gold bounces back to 11-day high
A customer tries on jewelry at a store in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold price on Wednesday morning rose to the highest since May 10, as global rates climbed to a one-week high.

Saigon Jewelry Company gold bar went up 1.42% to VND121 million (US$4,660.39) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring gained 0.88% to VND115 million per tael.

Gold has risen nearly 44% so far this year.

Globally gold prices rose to their highest in more than a week as the dollar weakened and investors sought safety amid U.S. fiscal uncertainty, with Congress debating a sweeping tax bill, Reuters reported.

Spot gold was up 0.5% at $3,305.39 an ounce, after hitting its highest level since May 12 earlier in the session.

Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment.

"Over the medium- to longer-term, further upside in gold is favoured, though if any positive trade-deal headlines arise this could be an obstacle for gold in attempting to reclaim the $3,500 level," said KCM Trade Chief Market Analyst Tim Waterer.

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