Surpassing 80 million VND/tael, the most expensive gold price of all time

Specifically, at 11:30, the price of gold bars was listed at 79 - 80.3 million VND/tael (buy - sell), an increase of 1.4 million VND/tael compared to early this morning.

At the same time, the price of gold bars listed by Doji Group was at 79.2 - 80.2 million VND/tael (buy - sell), an increase of 1.3 million VND/tael.

It is worth mentioning that in this morning's trading session, the price of gold increased by the minute. In less than 3 hours, gold increased by 1.4 million VND/tael.

The world gold price is also currently at a fairly high level. On Kitco, the world gold price is listed at 2,054 USD/ounce.

Analysis onEuroNews, Editor Piero Cingari assesses the appeal of gold is stronger when interest rates fall for several reasons. First, short-term government bond yields, a safe haven that competes with gold, tend to fall. Lower expected returns on cash prompt investors to look for better alternatives. Additionally, when interest rates fall due to a recession or economic downturn, stocks may struggle to provide positive returns.

Gold ultimately acts as a hedge against economic risk and fear, providing unique diversification qualities to an investor's portfolio as it is uncorrelated to bonds and stocks.

With the US presidential election taking place in November 2024 and the possibility of a fierce campaign between President Joe Biden and Republican challenger Donald Trump, the presence of political uncertainty could provide additional support for gold prices.

Several recent studies have revealed that gold tends to perform well during times of economic stress. When economic activity declines sharply, gold often performs positively while stocks tend to underperform.

In Vietnam, explaining the high domestic gold price, Associate Professor Dr. Dinh Trong Thinh, an economic expert, said that recently, interest rates have continuously decreased, making investment difficult. Therefore, money flows tend to flow to precious metals. The mentality of "buying gold to keep the price" makes many people prioritize gold.

In addition, as the end of the year is approaching, the demand for buying gold jewelry for weddings and engagements has increased, which has also stimulated the increase in gold prices.

Meanwhile, economic expert, Dr. Nguyen Tri Hieu analyzed: "It can be seen that the import-export economy is decreasing, businesses are limiting the expansion of scale and operations, and banks are unable to push capital into the economy. Many factors create market insecurity and thereby push gold prices up, regardless of how world gold prices fluctuate."