Historic Surge in Gold Prices

Saigon Jewelry Company gold bar experienced a 0.3% increase, reaching a new peak of VND100.7 million (US$3,937.83) per tael, following a 1.52% surge to its previous high of VND100.4 million in the morning.

Global Gold Market Reactions

Spot gold climbed 0.9% to $3,083.33 an ounce, hitting an all-time high of $3,086.21 earlier in the session. This marks a 2% increase this week, continuing its fourth straight weekly gain. U.S. gold futures also saw a 1% rise to $3,092.50.

Trade Wars Fuel Safe-Haven Demand

The threat of escalating global trade wars has driven investors towards gold, a traditional safe-haven asset. With a more than 17% increase in the first quarter of the year, gold is on track for its best quarterly performance since 1986.

"Continued haven demand, coupled with EM central bank buying in an effort to diversify FX reserves, make for a convincing bull case here," said Michael Brown, senior research strategist at Pepperstone.