Vietnam gold ring price, global bullion values surge to all-time highs

Saigon Jewelry Company gold ring price rose 0.64% to VND79.1 million (US$3,201.06) per tael, surpassing the previous peak of VND78.65 million established on Aug. 28.

Gold bar price was stable at VND80.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold extended Thursday's 1.9% climb to reach a fresh record high of $2,567.93 on Friday, buoyed by the dollar's weakness, Reuters reported.

The surge on Thursday was fueled by expectations of an interest rate cut by the Federal Reserve next week after U.S. data signaled a slowing of the economy.

"We are headed towards a lower interest rate environment so gold is becoming a lot more attractive ... I think we could potentially have a lot more frequent cuts as opposed to a bigger magnitude," said Alex Ebkarian, chief operating officer at Allegiance Gold.

Zero-yield bullion tends to be a preferred investment amid lower interest rates.