Vietnam gold ring price rises amid global surge

By Minh Hieu   October 3, 2024 | 10:52 pm PT
Vietnam gold ring price rises amid global surge
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold ring price increased by 0.24% Friday morning to VND83.2 million (US$3,361.61) per tael as global bullion prices climb.

Gold bar price held steady at VND84 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards U.S. payrolls report to gauge the trajectory of the Federal Reserve's policy path, Reuters reported.

Spot gold was up 0.3% at $2,662.50 per ounce after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.

U.S. gold futures edged 0.1% higher to $2,682.10.

The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders.

Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.

Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.

 
 
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