Gold breaks another record, having risen 50% this year

Saigon Jewelry Company gold bar jumped 0.96% to VND126.6 million (US$4,804.55) per tael.

Gold ring price also rose to a new record of VND121 million per tael. A tael equals 37.5 grams or 1.2 ounces.

The 50% increase of gold so far this year exceeds most investment assets.

In comparison, the stock benchmark VN-Index rose 30% in the period, while the U.S. dollar gained 2.74% over the Vietnamese dong.

Gold prices climbed on Friday, driven by growing expectations of a September rate cut after Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium, as reported by market data platform Mining.com.

Spot gold increased by 1% to $3,372.60 per ounce, marking its highest level in nearly two weeks. US gold futures also rose 1%, reaching $3,416.90 per ounce in New York.

In his closely watched speech on Friday morning, Powell noted that the U.S. economy is grappling with a "challenging situation", with inflation risks now leaning upward and employment risks downward.

According to CME’s FedWatch tool, traders now estimate a 90% likelihood of a 25 basis-point rate cut in September, up from 75% prior to the speech.

"Powell surprised a worried market, opening the express lanes to a September rate cut, which has boosted every single asset, including gold," Tai Wong, an independent metals trader, told Reuters.