A person looks at gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam’s gold bar prices continued to rise on Tuesday afternoon, setting another historic record after already reaching a new peak in the morning.
Saigon Jewelry Company gold bar price jumped 2.19% to VND98.2 million (US$3,847.21) per tael in the afternoon.
Gold ring price surged 2.92% to VND98.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
This means gold bar and ring price both added VND2.1 million in value from Monday.
Globally gold hit another record high above $3,000 on Tuesday, with investors seeking the metal as a haven from risk as conflict flared in the Middle East and U.S. President Donald Trump pressed on with tariff plans, Reuters reported.
Spot gold hit a peak of $3,028.24 in early trade, and by 0927 was up 0.7% at $3,023.30 an ounce. Prices climbed above $3,000 for the first time on March 14. U.S. gold futures gained 0.9% to $3,032.
“There is a perfect storm of gold-supporting factors,” said Ole Hansen, head of commodity strategy at Saxo Bank. “The latest focus is the Middle East concerns that come on top of economic concerns about the direction of the U.S.”
Bullion, which is considered a hedge against geopolitical and economic instability, has gained more than 14% year-to-date and has struck record highs 14 times this year.
