Gold prices skyrocket to new highs

Saigon Jewelry Company gold bar price surged 1.22% to a peak of VND99.4 million (US$3,892.32) per tael. It has increased VND14 million, or 16%, since the beginning of the year.

Gold ring price also climbed 0.99% to VND99.7 million per tael, also a record high. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold held above the key $3,000/oz level on Wednesday, trading near a record high hit in the previous session, as Middle East tensions and trade uncertainties lifted bullion's appeal, while traders awaited the Federal Reserve's decision later in the day, Reuters reported.

Spot gold held its ground at $3,029.70 an ounce after hitting an all-time peak of $3,038.26 on Tuesday. U.S. gold futures eased 0.1% to $3,037.50.

"The current trading environment, where there are worries about tariffs, growth and inflation, is playing to gold's strengths as an uncertainty hedge," KCM Trade chief market analyst Tim Waterer said.

Investors are worried about an economic slowdown and elevated risks of recession due to U.S. President Donald Trump's tariffs, which are widely considered likely to stoke inflation.

The Fed, which will conclude its two-day policy meeting later in the day, is expected to hold its benchmark interest rate steady in the 4.25%-4.50% range.

Non-yielding gold thrives in a low interest rate environment.

"If the FOMC meeting takes on a dovish tone in response to growing uncertainty over how tariffs may impact growth, this could provide a further assist to the gold price ... could be a green light for gold to make a push above $3,050," Waterer said.