On Tuesday afternoon, Vietnam witnessed an increase in gold bar prices once again, hitting yet another all-time high following a newfound peak earlier in the day.
The price of Saigon Jewelry Company gold bars increased by 2.19%, reaching VND98.2 million ($3,847.21) per tael during the later session.
The cost of gold rings jumped by 2.92%, reaching VND98.8 million per tael. It's worth noting that one tael is equivalent to 37.5 grams or approximately 1.2 ounces.
This indicates that the prices of both the gold bar and ring increased by VND2.1 million since Monday.
Worldwide, gold reached yet another all-time peak surpassing $3,000 on Tuesday. Investors turned to the precious metal as a safe haven amidst escalating tensions in the Middle East and as U.S. President Donald Trump continued pushing his tariffs agenda. Reuters reported.
In early trading, spot gold reached a high of $3,028.24, and by 09:27 it had risen 0.7% to stand at $3,023.30 per ounce. The price surged past $3,000 for the first time on March 14th. Meanwhile, U.S. gold futures increased by 0.9%, reaching $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."
Gold, viewed as a safeguard during geopolitical and economic uncertainties, has seen an increase of over 14% since the start of the year and has reached all-time peaks 14 times in 2023.