Gold prices fall from peaks

It previously reached a historic peak of VND102.1 million per tael on Tuesday morning. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price was at VND101.5 million per tael, down 0.6% from its peak of VND102.1 million.

Globally, gold prices edged higher on Wednesday as investors sought the comfort of the safe-haven metal in anticipation of the potential impact of the new reciprocal tariffs that U.S. President Donald Trump is set to levy on global trading partners, Reuters reported.

Spot gold was up 0.1% at $3,113.24 an ounce. Bullion hit an all-time high of $3,148.88 on Tuesday. U.S. gold futures eased 0.1% to $3,141.80.

"The main reason for these successive record highs has been safe-haven buying, and the geopolitical uncertainty underpinning this shows no sign of letting up," said Philip Newman, managing director of Metals Focus.

A U.S. economic slowdown, potentially higher inflation, and interest rate cuts could set the stage for gold to reach $3,300 in the coming months, Newman said.

Gold's rally has also been fuelled by strong central bank demand, expectations of interest rate easing by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange traded funds. The metal is considered a hedge against political instability and inflation.