Gold plunges from historic peak

Saigon Jewelry Company gold bar price slipped to VND121 million (US$4,656.53) per tael, down 2.42% from Tuesday's peak of VND124 million.

Gold ring price slid by 2.1% toVND116.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices fell on Wednesday as U.S. President Donald Trump retracted his threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with China, denting bullion's safe-haven appeal, Reuters reported.

Spot gold fell 0.7% to $3,357.11 an ounce. U.S. gold futures fell 1.5% to $3,366.80.

U.S. stocks and the dollar rebounded after Trump on Tuesday withdrew his threats to fire Powell after days of intensifying criticism of the central bank chief for not cutting interest rates.

A stronger dollar makes gold more expensive for overseas buyers.

"There is no form of a bullish exhaustion yet from the upper bond level so there could still be potential movement on the upside for the gold," said Kelvin Wong, senior market analyst, Asia Pacific at OANDA.

Gold, considered a hedge against global uncertainty and inflation, hit its 28th record high this year on Tuesday, surging to $3,500 for the first time.

JP Morgan said it expects to see gold prices crossing the $4,000-per-ounce milestone next year.