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Saigon Gold Jewelry Company gold bar price jumped another 0.85% from the morning to VND141.2 million (US$5,486.16) per tael, bringing daily gains to nearly 1.3%. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price rose 1.6% in the afternoon and 2.03% for the day to VND138.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices rose over 2% on Wednesday, bolstered by a weaker US dollar after Democrats seized control of both the Senate and House in US midterm elections, while investors await non-farm payrolls data for clues to the Federal Reserve's policy path, Reuters reported.
Spot gold climbed 2.4% to $4,021.68 per ounce while US gold futures for December delivery rose 2.3% to $4,031.20.
Global stocks tumbled and the dollar fell to a one-month low after Democrats scored a decisive victory in the US midterm elections, stoking concerns that the Democratic sweep could derail the data-center buildout that has powered the AI trade and weigh on tech spending.
A softer dollar makes greenback-priced bullion more affordable for buyers overseas.
"Gold is gaining some momentum as markets assess whether a strong Democratic showing could limit Trump’s fiscal agenda and temper expectations of further fiscal expansion," Christopher Wong, a strategist at Oversea-Chinese Banking Corp, told Bloomberg.
