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Gold ring jumps to new historic record

By Dat Nguyen   October 21, 2024 | 08:14 pm PT
Gold ring jumps to new historic record
Gold rings on display in a jewelry store. Photo by VnExpress/Giang Huy
Vietnam gold ring price rose 1.51% to a new record of VND87 million (US$3,427.90) per tael Tuesday morning.

Gold bar price went up 1.14% to VND89 million per tael, a near 5-month high. A tael equals 37.5 grams or 1.2 ounces.

Gold ring has risen 37% since the beginning of the year, while gold bar has gained 20%.

Globally spot gold inched up 0.43% to $2,730.60 per ounce.

Citi Research on Monday raised its three-month forecast for gold prices, citing possible further U.S. labor market deterioration, interest rate cuts by the Federal Reserve, and physical and ETF buying, Reuters reported.

The bank upgraded its three-month gold price view to $2,800 per ounce from $2,700 previously, adding that its 6 to 12-month forecast is $3,000.

 
 
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