Gold prices surge

Saigon Jewelry Company gold bar price jumped 2.35% to an all-time high of VND170 million (US$6,471.27) per tael. Other sellers similarly raised their rates.

Local bullion prices are up 11.2% so far into the year and VND16 million per tael higher than global rates.

Gold ring price rose 2.5% to VND167.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices surged to a record high of over $4,800 per ounce on Wednesday, buoyed by safe-haven demand and a softer ‌dollar as U.S. President Donald Trump's pursuit of Greenland threatened to reignite a trade war with Europe and upend the NATO alliance, Reuters reported.

Spot gold rose 1.2% to $4,821.26 per ounce after scaling a record $4,843.67 earlier in the session. U.S. gold futures for February delivery climbed 1% to $4,813.50 ‌per ounce.

On Tuesday, Trump said there was "no going back" on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies.

"(The move in gold) reflects fears about global geopolitical (tensions)," said Kyle Rodda, a senior ‍market analyst at Capital.com.

"Obviously investors are selling the dollar, they're selling treasuries, particularly at the long-end, and buying gold instead because there is greater confidence in gold than ⁠in the U.S. (currency) right ⁠now."

A weaker dollar makes ‍greenback-priced metals cheaper for overseas buyers.