Gold prices increase

Saigon Jewelry Company gold bar price jumped 2.31% to VND181.4 million (US$6,949.65) per tael of 37.5 grams or 1.2 ounces. The same rate is also seen at other sellers.

Local bullion rates have gained 6% within the last week and 27% since the start of the year. They are around VND15 million per tael higher than global rates.

Gold ring price increased by 2.43% to VND180.9 million per tael.

Those looking to buy gold from major brands like SJC currently have to queue from early morning and can only purchase a limited amount. Buying the metal online is also very difficult, some customers say.

Globally, gold broke through $5,200 for the first time on Wednesday, after rising more than 3% on Tuesday, as the dollar ‌plunged to a near four-year low amid persisting geopolitical concerns, ahead of a U.S. Federal Reserve monetary policy decision, Reuters reported.

Spot gold rose 0.6% to $5,219.97 per ounce after scaling a record high of $5,224.95 earlier, up more than 20% since the start of the year. U.S. gold ‌futures for February delivery surged 2.6% to $5,216.80 per ounce.

"(Gold's rise) is due to the very strong indirect correlation with the dollar and yesterday's price-rise in gold in the U.S. session was due to Trump's remark to a casual question about the ‍dollar which implied that (there is) a broad-based consensus within the White House to have a weaker greenback going forward," said Kelvin Wong, a senior market analyst at OANDA.

Wong added that near-term resistance for gold could be seen around $5,240/oz. Deutsche Bank said on Tuesday that gold could climb ‍to $6,000 per ounce in 2026, citing persistent investment demand as central banks and investors increase allocations to non-dollar and tangible assets.