Gold prices hit 20-month high

Prices surged 1.6% in a day, adding VND1.2 million to a tael of gold. A tael equals 37.5 grams or 1.2 ounces.

SJC has risen over 7% since the beginning of the year. It is now 3.2% away from the historic peak of VND74.4 million established in March last year.

Also Wednesday gold ring price surged 1% to a new peak of VND60.8 million per tael. It has risen 13% year-to-date, higher than most bank deposit interest rates.

Globally gold prices held firm above the key $2,000 level on Wednesday, helped by an overall weaker dollar and dip in U.S. bond yields amid expectations that the Federal Reserve had reached the end of its tightening cycle.

Spot gold was up 0.2% at $2,001.90 per ounce. Bullion scaled a three-week high of $2,007.29 in the previous session.

U.S. gold futures edged 0.1% higher to $2,003.90.