Vietnam gold price nears historic peak

Saigon Jewelry Company gold bar jumped 1.73% to VND123.5 million (US$4,710.14) per tael, second only to the historic peak of VND124 million achieved on April 22.

Gold ring price went up 1.62% to VND119 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Vietnam’s gold price has surged 47% since the beginning of the year.

Globally gold price rose almost 2%, hitting a one-week high, on Friday after weaker-than-expected U.S. payrolls data boosted Federal Reserve rate cut expectations and fresh tariff announcements spurred safe-haven demand, Reuters reported.

Spot gold reached its highest level since July 25, adding 1.8% to $3,347.66 per ounce, after rising as much as 2% earlier today. Bullion was up 0.4% during the week.

"Payrolls numbers came in below expectations, but a little higher than the market was printing. So, this gives a better probability that the Federal Reserve will cut (rates) later in the year," said Bart Melek, head of commodity strategies at TD Securities, told Reuters.

Gold, a non-yielding asset, tends to perform well in a low-interest-rate environment.