Gold prices rise

Saigon Jewelry Company gold bar price gained 1.02% to VND147.6 million (US$5,602.26) per tael. Asia Commercial Bank-branded bullion was priced at the same rate.

Local bullion prices are VND14.6 million per tael lower than global rates.

Gold ring price increased by 0.97% to VND145.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold rose to a new high just shy of the $4,200-per-ounce level on Wednesday, buoyed by rising expectations of further U.S. rate cuts, while renewed U.S.-China trade worries also boosted safe-haven demand, Reuters reported.

Spot gold was up 0.9% at $4,178.15 per ounce, after hitting a record high of 4,186.68 earlier in the session. U.S. gold futures for December delivery gained 0.8% to $4,197.50.

"The U.S. government shutdown and dovish comments from Jerome Powell have provided the latest reasons for gold prices to accelerate higher," said StoneX senior analyst Matt Simpson.

Bullion tends to do well in a low interest rate environment and during times of political and economic uncertainties.

Safe-haven gold has gained 59% year-to-date, driven by multiple factors, including geopolitical and economic uncertainties, expectations of U.S. rate cuts, strong central bank buying, de-dollarization trend and robust exchange-traded fund inflows.