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

It has increased by 2% this week and nearly 35% in the year to date. A tael equals 37.5 grams or 1.2 ounces.

Gold bar price was steady at VND86 million per tael.

Globally, gold breached the $2,700-per-ounce level on Friday for the first time ever, as U.S. election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally, Reuters reported.

Spot gold firmed 0.5% to $2,706.76 per ounce, adding nearly 2% so far in the week. U.S. gold futures rose 0.5% to $2,722.00.

"Gold has scoffed at a surging dollar and rallies at every chance it gets. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader.

Gold is expected to trade within the range of $2,500-$2,800 in the coming months, as prices receive support from Fed's rate cuts and high levels of geopolitical tension, BMI analysts said.

Lower rates increase the non-yielding bullion's appeal, which is considered a safe investment during times of turmoil.