Gold ring price hits new historic high

Gold ring price reached a new peak Tuesday morning as the bullion steadily gains globally.

Gold ring price reached a new peak Tuesday morning as the bullion steadily gains globally.

Saigon Jewelry Company sold gold rings at VND90.1 million (US$3,577.17) per tael, up 1% from Monday.

The new price exceeded the previous peak of VND89 million in the end of October last year.

Gold bar price went up 0.89% to VND90.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold bar is now almost 2% away from a historic peak achieved in May.

Globally gold prices firmed on Tuesday, holding near a record peak hit in the previous session, as lingering U.S. tariff and inflation concerns boosted safe-haven demand, while focus was also on key jobs data due this week, Reuters reported.

Spot gold was up 0.3% to $2,820.69 per ounce, after hitting a record high of $2,830.49 in the last session.

U.S. gold futures fell 0.2% to $2,852.70.

"In the current highly dynamic environment, where market volatility and policy flip-flops are likely to dominate, gold prices may continue to stay supported," IG market strategist Yeap Jun Rong said.

"With near-term price projection target at the $2,874 level, followed by the psychological $3,000 level."