VINACHEM

Vietnam’s gold price continued its rally Tuesday morning, reaching another historic peak, following a surge of the precious metal on the global market last week.

Saigon Jewelry Company gold bar rose 0.47% to VND127.7 million (US$4,849.70) per tael.

Gold ring went up 0.41% to VND122.1 million per tael, also a record high.

Gold in Vietnam has jumped 52% since the beginning of the year, surpassing the stock market’s 29% gain.

The U.S. dollar, meanwhile, has risen 3.75% against the Vietnamese dong.

Globally gold prices held steady, as the market's focus shifted to upcoming U.S. PCE data for cues on the Federal Reserve's policy path, while a stronger dollar capped gains, Reuters reported.

Spot gold was flat at $3,372.67 per ounce, after hitting its highest level since August 11 on Friday.

U.S. gold futures for December delivery settled 0.03% lower at $3,417.5.

Gold prices climbed to a near two-week high on Friday, after Fed Chair Jerome Powell signaled a possible interest rate cut at the U.S. central bank's meeting next month. Powell said that risks to the job market were rising, but that inflation remained a threat and a decision had yet to be taken.

Non-yielding gold's appeal diminishes in a high-interest-rate environment.