Gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices continued to soar on Wednesday afternoon, surpassing previous highs set in the morning.
Saigon Jewelry Company gold bar price increased by another 4.05% to a historic peak of VND115.5 million (US$4,468.95) per tael. It had earlier surged 2.78% to VND111 million.
Gold ring price climbed 3.08% to a record VND113.9 million per tael after jumping 4.25% to VND110.5 million in the morning. A tael equals 37.5 grams or 1.2 ounces.
Each tael of gold has risen by roughly VND24 million since the beginning of the year, resulting in returns of over 25% for those who bought the metal at the time.
Globally, gold scaled a record peak on Wednesday as a weaker dollar, escalating trade tension and concerns over global economic growth fuelled safe-haven demand, Reuters reported.
Spot gold rose 1.9% to $3,287.79 an ounce. It hit an all-time high of $3,294.99 per ounce earlier in the session.
The dollar index eased against its rivals, making gold more attractive for other currency holders.
“More tariff uncertainty, more intransigence from the U.S. administration, tariff impacting goods moving through third-party countries with likely damage to global supply chains,” is supporting gold, said Nicholas Frappell, global head of institutional markets, ABC Refinery.
Gold, traditionally viewed as a safe-haven investment during times of geopolitical and economic uncertainties, hit multiple record highs this year, gaining over 25%.
“We believe risk-off purchases for gold are yet to pick up,” ANZ said, raising the bank’s year-end gold price forecast to $3,600 per ounce and six-month forecast to $3,500.
