Vietnam gold ring price surges to new record high

It previously hit an all-time high of VND79.2 million per tael on Monday. A tael equals 37.5 grams or 1.2 ounces.

Gold bar price rose 0.24% to VND82 million per tael.

Globally, gold prices rose over 1% on Thursday as the U.S. Federal Reserve launched its monetary easing cycle with a half percentage point move, boosting bullion to an all-time high and just a few cents shy of the key $2,600 ceiling in the previous session, Reuters reported.

Spot gold rose 1.2% to $2,590.47 per ounce. U.S. gold futures settled 0.6% higher at $2,614.60.

Spot prices scaled a record high of $2,599.92 on Wednesday after the Fed lowered the benchmark policy rate by 50 basis points to 4.75%-5.00%.

"The market is factoring in bigger and more rate cuts because we have both fiscal and trade deficits, and that's going to further weaken the overall value of the dollar," said Alex Ebkarian, chief operating officer at Allegiance Gold.

Monetary policy easing by global banks, along with robust central bank buying and geopolitical concerns have fuelled a rally in gold prices to record highs multiple times this year.