Gold jewelry displayed in a boutique in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The SJC gold price rose 0.15 percent to VND69.05 million ($2,845.08) per tael on Monday morning, the highest in a year.
The price of the gold ring increased by 0.17% to 57.6 million VND per tael. One tael is equal to 37.5 grams or 1.2 ounces.
Globally, gold prices remained stable on Monday as investors continued to anticipate a pause in interest rate hikes from the Federal Reserve at its policy meeting this week, putting emphasis on the rate outlook of the American central bank, Reuters reported.
Spot gold was flat at $1,924.29 an ounce. U.S. gold futures settled at $1,946.10.
Faster growth, lower inflation and a job market that won’t let up set the stage for a series of updated forecasts from Fed officials this week, likely to reflect their growing confidence in the outlook of a soft landing of the economy.
Chinese gold prices hit record highs last week, extending a months-long rise as consumers snap up the safe-haven asset to offset a depreciating yuan. Physical gold premiums have also reached new highs due to the absence of new import quotas.