Gold prices rise to historic highs

Saigon Jewelry Company bar gained 0.3% to VND93.3 million (US$3,662.77) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price also reached a historic peak of VND93.8 million per tael.

Globally, gold held steady on Wednesday ahead of a key U.S. inflation data that could help gauge the Federal Reserve's interest rate path amid trade tensions and economic slowdown fears, while attention was also on a potential ceasefire deal in Ukraine, Reuters reported.

Spot gold was flat at $2,916.69 an ounce while U.S. gold futures firmed 0.1% to $2,922.30. They previously rose 1% and 0.7% on Tuesday, respectively.

"Gold is operating in 'consolidation mode' ahead of the next batch of U.S. inflation data," KCM Trade chief market analyst Tim Waterer said.

If rising price pressures force the Fed to keep interest rates higher, gold may lose its allure as it is a non-yielding asset.

U.S. President Donald Trump's tariffs are widely expected to stoke inflation and economic uncertainty, and have prompted gold to reach a record high of $2,956.15 on Feb. 24.

"I expect gold to remain a favoured asset whilst investors are concerned about tariff wars and growth slowdowns. So, the bias for gold remains to the upside due to ongoing tariff dramas," Waterer said.