Gold price jumps to another all-time high

Gold ring price jumped 0.80% to VND100.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

The safe-haven metal has been repeatedly achieving unprecedented levels this week as global rates skyrocket to new highs. Vietnam gold price has gone up 19% since the beginning of the year.

Globally gold rose to an all-time high on Thursday as the Federal Reserve hinted at two possible interest rate cuts this year, bolstering bullion's appeal amid ongoing geopolitical and economic woes, Reuters reported.

Spot gold was up 0.1% at $3,049.89 an ounce. Bullion reached an all-time high of $3,055.96 earlier in the session.

Gold is driven by "a lot of uncertain market situations, geopolitical tensions, weaker U.S. dollar, and expectations that interest rates will be cut later," said Dick Poon, general manager at Heraeus Metals Hong Kong Ltd.

The tariff uncertainty, the possibility of rate cuts and the resumption of tensions in the Middle East have contributed to gold's record rally, prompting bullion to notch 16 record highs so far in 2025, four of them above the $3,000 milestone.

Non-yielding gold is considered a hedge against global uncertainties, and thrives in a low interest rate environment.

"Given the very good performance in gold through Q1, I think a correction is not out of the question," said Nicholas Frappell, global head of institutional markets at ABC Refinery.