Gold prices gain

Saigon Jewelry Company gold bar price went up 1.35% to a peak of VND165 million (US$6,280.68) per tael. Other sellers quoted the same rate.

Local bullion prices have gained nearly 8% this month and are VND16.5 million per tael higher than global rates.

Gold ring price increased by 1.57% to VND162.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold and silver both jumped to all-time highs on Monday, while oil flatlined on concerns about what an all-out trade war between the U.S. and Europe could mean for global growth and demand, Reuters reported.

Markets are facing volatility after President Donald Trump vowed to slap tariffs on eight European nations until the U.S. is allowed to buy Greenland, injecting fresh trade uncertainty as stocks slid and the dollar broadly weakened.

"Hopes that the tariff situation has calmed down for this year have been dashed for now - and we find ourselves in the same situation as last spring," said Berenberg chief economist Holger Schmieding.

Against this backdrop, safe-haven gold has surged, gaining over 1% on Monday to a record of $4,689.39 per ounce.

The yellow metal is up nearly 8% in January, after gaining 64% last year.