Gold ring price surges to new historic peak

Its previous record was VND79.1 million per tael, established last Friday. A tael equals 37.5 grams or 1.2 ounces.

Gold bar price was unchanged at VND80.5 million per tael.

Globally, gold price trades with a mild positive bias near the all-time peak touched last Friday during the Asian session on Monday, according to FXStreet.

Traders have been pricing in the possibility of an oversized interest rate cut by the Federal Reserve (Fed) amid further signs of easing inflationary pressures in the U.S.

This keeps the U.S. dollar depressed near the year-to-date low touched in August and turns out to be a key factor acting as a tailwind for the non-yielding yellow metal.

Lower bond yields underpinned gold, which stood at $2,582 an ounce and near an all-time peak of $2,585.99, Reuters reported.