Historic Surge in Gold Prices

The Saigon Jewelry Company reported a significant increase in gold bar prices, reaching a historic peak of VND115.5 million (US$4,468.95) per tael, marking a 4.05% rise. This follows an earlier surge of 2.78% to VND111 million.

Record-Breaking Gold Ring Prices

Gold ring prices also climbed to a record VND113.9 million per tael, a 3.08% increase after a morning jump of 4.25% to VND110.5 million. A tael is equivalent to 37.5 grams or 1.2 ounces.

Year-to-Date Performance

Since the beginning of the year, each tael of gold has risen by approximately VND24 million, offering returns of over 25% for early investors.

Global Gold Market Trends

Globally, gold prices reached a record high, with spot gold rising 1.9% to $3,287.79 an ounce, and hitting an all-time high of $3,294.99 per ounce. The weaker dollar index has made gold more attractive to investors holding other currencies.

Expert Insights

"More tariff uncertainty and intransigence from the U.S. administration are supporting gold," said Nicholas Frappell of ABC Refinery. Gold, a traditional safe-haven asset, has seen multiple record highs this year, gaining over 25%.

ANZ analysts believe risk-off purchases for gold are yet to peak, raising their year-end gold price forecast to $3,600 per ounce and six-month forecast to $3,500.