Record-Breaking Gold Prices

Saigon Jewelry Company reported a significant surge in gold bar prices, reaching a historic VND106.4 million (US$4,138.47) per tael, marking a 2.7% increase. This surpasses the previous record of VND103.9 million per tael set just a day earlier. Gold ring prices also hit a new high, rising 3% to VND106.4 million per tael.

Global Gold Market Trends

On the global stage, gold prices broke the $3,200/oz barrier for the first time, driven by a weaker dollar and escalating trade tensions. Spot gold prices rose by 1.3% to $3,216.48 an ounce, with U.S. gold futures climbing 1.9% to $3,236.00.

Factors Fueling the Rally

Experts attribute the surge to several factors, including central bank demand, anticipated Federal Reserve rate cuts, and geopolitical instability. Ilya Spivak of Tastylive noted the rapid weakening of the U.S. dollar as a key driver, reflecting a shift away from USD-based assets amidst uncertainty.

Future Outlook

With the gold market's bullish trend, analysts eye the $3,500 mark as the next milestone, though cautioning about potential volatility ahead. Kyle Rodda from Capital.com suggests that reaching this level may not be immediate or smooth.