Gold prices extend morning gains
Vietnam gold prices rose further on Wednesday afternoon following a 2.4% surge in global bullion rates.
Gold prices continued their upward trajectory from the early hours of trading, rising by 0.85% to VND141.2 million ($5,486.16) per tael, marking a daily increase of nearly 1.3%. The price of a gold ring surged 1.6% in the afternoon and 2.03% overall, reaching VND138.3 million ($5,367.07) per tael. Globally, gold prices climbed over 2% on Wednesday, driven by a weaker US dollar following Democrats' triumph in the US midterm elections.
Investors are closely monitoring non-farm payrolls data for insights into the Federal Reserve's policy direction. Spot gold reached $4,021.68 per ounce, while US gold futures for December delivery surged 2.3% to $4,031.20. Global stocks experienced a drop, and the dollar fell to a one-month low after Democrats' decisive victory, raising concerns that the Democratic sweep might hinder the data-center buildout crucial for the AI trade and dampen tech spending.
Christopher Wong, a strategist at Oversea-Chinese Banking Corp, noted that a stronger Democratic showing could curtail President Trump's fiscal agenda and temper expectations of additional fiscal expansion.
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