Gold prices shoot up to 2-week peak

Saigon Jewelry Company gold price rose 2.92% to VND123.3 million (US$4,746.88) per tael, highest since April 22.

Gold ring went up 2.25% to VND118 million per tael.

Gold price has risen by 46% since the beginning of the year.

In a recent report to the National Assembly, the State Bank of Vietnam said it plans to revise a decree on gold market regulation to streamline procedures. It also intends to work with relevant ministries to strengthen inspections and audits of gold trading businesses and shops, aiming to quickly address any loopholes or violations.

Globally gold price also rose to a two-week high as concerns over U.S. President Donald Trump's tariff plans boosted interest in safe-haven metal, while investors also kept a close tab on the upcoming Federal Reserve policy meeting, Reuters reported.

Spot gold was up 1.4% at $3,380.92 an ounce, , after hitting its highest level since April 22 earlier in the session.

"Gold prices have a strong run-up to start this week, with investors returning to the safe-haven asset to hedge against portfolio volatility amid renewed tariff concerns from U.S. President Donald Trump," said IG market strategist Yeap Jun Rong.

"Any dovish signals could provide further support for gold, reinforcing its broader upward momentum," Rong said.