Vietnam gold ring price reaches new peak amid global gain

Vietnam’s gold ring price climbed 0.84% to a new peak of VND78.4 million ($3,128.49) per tael Saturday morning.

Gold bar price remained steady at VND80 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices soared to an all-time high on Friday as the dollar weakened on growing expectations for an interest-rate cut from the Federal Reserve in September, and as tensions in the Middle East bolstered demand for bullion, Reuters reported.

Spot gold was up 1.7% to $2,498.72 per ounce by 6:27 p.m., after hitting a record high of $2,500.99 earlier. U.S. gold futures settled 1.8% higher at $2,537.80. Bullion rose 2.8% this week.