Gold Prices Reach New Peaks

In an unprecedented event, gold prices soared to new records twice in one day, highlighting the metal's status as a safe haven during times of global uncertainty. The Saigon Jewelry Company reported a significant jump in gold bar prices by 2.19% to VND98.2 million (US$3,847.21) per tael in the afternoon, with gold ring prices surging even higher by 2.92% to VND98.8 million per tael.

This remarkable increase means that both gold bar and ring prices added VND2.1 million in value from Monday, underscoring the volatile nature of the current market.

Global Impact and Investor Sentiment

Globally, gold prices hit another record high above $3,000 on Tuesday. This surge is attributed to investors flocking to gold as a safe haven amidst escalating conflicts in the Middle East and ongoing trade tensions, with U.S. President Donald Trump's tariff plans adding to the economic uncertainties. Spot gold reached a peak of $3,028.24 in early trade, and by 0927, it was up 0.7% at $3,023.30 an ounce. U.S. gold futures also saw a significant gain, rising 0.9% to $3,032.

Ole Hansen, head of commodity strategy at Saxo Bank, commented on the situation, stating, "There is a perfect storm of gold-supporting factors. The latest focus is the Middle East concerns that come on top of economic concerns about the direction of the U.S."

Bullion, known for its role as a hedge against geopolitical and economic instability, has seen a year-to-date gain of more than 14% and has set record highs 14 times this year alone.