Gold rings have hit their highest price this year at VND 58 million (US$2,385) a tael (37 grams) CafeF is reporting.
Why it matters: Gold is a popular investment in Vietnam seen as a secure place to store wealth, particularly for older Vietnamese. In this respect the local gold price, which is usually about 10 percent higher than the world gold price, can often be an indicator for wider consumer sentiment toward the domestic economy. Erog, these higher prices might suggest that consumers in Vietnam lack confidence in the local currency (which has been on a steady slide against the greeback) and banks which have lowered deposit interest rates considerably in recent weeks.