Gold prices plummet from peaks

It previously reached a high of VND100.4 million per tael on Thursday morning. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price dropped to VND98.8 million per tael, down 1.9% from its peak of VND100.7 million.

Globally, gold was headed for a third straight week of gains on Friday after three consecutive record highs this week, bolstered by the Federal Reserve's rate cut cues for the year and safe-haven demand amid geopolitical and economic uncertainties, Reuters reported.

Spot gold eased 0.3% to $3,034.09 an ounce. Bullion reached an all-time high of $3,057.21 per ounce on Thursday and has climbed about 2% so far this week. U.S. gold futures held steady at $3,042.60.

A whirlwind of factors, including tariff uncertainty, rate cut expectations and the rekindling of Middle Eastern tensions, have propelled gold to dazzling new heights this year, pushing it to 16 record highs, with four above the crucial $3,000 mark.

The non-yielding metal, a hedge against geopolitical and economic turbulence, thrives in a low interest rate environment.

"I don't think we even need to see a trigger per se for gold to hit another record high. All the fundamentals are there for it to keep trending higher," Capital.com's financial market analyst Kyle Rodda said.

"I can't see an imminent correction for gold. But a pull back to the $3,000s for a bit of a recharge before extending the uptrend is quite likely."