Gold prices surge 2.8% Friday morning to record levels

Gold ring price increased by 1.1% to VND76.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Since the central bank began auctioning gold bars in late April, the precious metal has seen its price skyrocket.

The gap between domestic and global gold prices has widened to VND18.5 million per tael.

Since the central bank began auctioning gold bars in late April, the precious metal has seen its price skyrocket.

The gap between domestic and global gold prices has widened to VND18.5 million per tael. So far, the central bank has sold 6,800 taels of gold bars, just 8% out of the total of 84,000 taels put on auction.

The Friday surge in domestic gold prices aligned with global trends.

Globally, gold prices firmed on Friday, poised for their best week since April 5, following recent economic data that boosted bets of an interest rate cut from the Federal Reserve, Reuters reported.

Spot gold gained 0.2% at $2,350.87 per ounce after hitting a more than two-week high earlier. Prices have risen 2.2% so far this week. U.S. gold futures rose 0.7% to $2,356.90.

Data on Thursday showed that the number of Americans filing new claims for unemployment benefits increased more than expected last week.

Traders expect the Fed to start its easing cycle in September. Lower interest rates reduce the opportunity cost of holding gold.