Gold prices return to historic peak

Gold ring price rose 0.08% to VND62 million ($2,544.63) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold bar price went up to VND74.6 million per tael on Nov. 29 morning but plunged in the afternoon. The previous peak it reached was VND74.4 million in March last year.

Globally gold prices edged lower in range-bound trading on Tuesday as investors awaited for more U.S. economic data this week that could shed light on the Federal Reserve’s monetary policy outlook, Reuters reported.

Spot gold was down 0.1% at $2,024.49 per ounce. U.S. gold futures eased 0.1% to $2,038.

“Things are slowing down for the end of the year, but one thing to keep in mind will continue to be the outlook on Fed policy,” said Ilya Spivak, head of global macro at Tastylive.

“Expectations are quite substantial at this point for rate cuts next year. It needs to be seen whether the market still has room to continue to move on that story in the near term.”