Gold jewelry on display at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices rallied Wednesday morning after a sharp decline in the previous session.
Saigon Jewelry Company gold bar price rose 0.39% to VND156.2 million (US$5,928.34) per tael after losing 1.02% on Tuesday. Lender ACB and jewelers PNJ and Doji quoted similar prices.
Local bullion prices are roughly VND20 million per tael higher than global rates.
Gold ring price also went up by 0.39% to VND153.3 million per tael following a 1.1% drop. A tael equals 37.5 grams or 1.2 ounces.
Globally, spot gold price rose 0.39% to $4,320 per ounce on Wednesday morning on reinforced expectations of further rate cuts by the U.S. Federal Reserve.
The U.S. economy added 64,000 jobs in November, but the unemployment rate climbed to 4.6%, the highest level in four years.
“(The) data gives the Fed more reason to cut rates and if they cut rates, that’s bullish for gold … that’s the way the market’s interpreting it right now,” said RJO Futures senior market strategist Bob Haberkorn, as quoted by Reuters.
Investors await November’s Consumer Price index, due on Thursday, and Personal Consumption Expenditures index, due on Friday.
If gold finishes 2025 above $4,400, then it could see $4,859-$5,590 in 2026, said Alex Ebkarian, COO at Allegiance Gold, and added that silver could retest the $50/oz level next year.
