Gold price gains in Vietnam, drops globally

By Dat Nguyen December 11, 2024 | 08:50 pm PT

Gold bars seen at a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Gold price went up marginally in Vietnam but fell globally as investors took profit Tuesday morning.

Saigon Jewelry Company gold bar increased by 0.23% to VND87.1 million (US$3,430.49) per tael.

Gold ring price went up 0.23% to VND85.9 million per tael.

Globally gold slipped as investors booked profits after prices hit more than one-month high earlier in the day on increased expectations of an interest rate cut by the Federal Reserve next week, Reuters reported.

Spot gold shed 0.5% to $2,704.41 per ounce. It hit the highest since Nov. 6 earlier in the session.

U.S. gold futures fell 0.5% to $2,744.60.

"It's just profit booking because we've seen a good rally in gold due to various factors this week, including geopolitical tensions, China resuming gold purchases and the inflation number yesterday being in line with expectation," said Ajay Kedia, director at Kedia Commodities, Mumbai.