Gold prices surge to historic peaks

Gold ring price gained 2.14% to as high as VND119.5 million per tael, also a new record. A tael equals 37.5 grams or 1.2 ounces.

Globally, with markets closed on Friday for the Easter long weekend, gold prices softened on Thursday after reaching a new record high of above $3,350 an ounce, Kitco News reported.

Despite ongoing selling pressure, gold has maintained strong support around $3,300. Spot gold was last seen trading at $3,316.90 an ounce, marking a gain of nearly 2.5% for the week.

The most actively traded June futures contract closed at $3,341.70, down 0.47% from the record high of $3,357.70 reached in the previous session.

David Morrison, Senior Market Analyst at Trade Nation, characterized this week’s movement in gold prices, highlighted by Wednesday’s $100 surge, as a blowoff top.

"Gold has rallied 13%, or $360, in the space of a week. Therefore, investors shouldn’t be surprised that prices are pulling back now. Gold also looks very overbought, with its daily MACD hitting levels last seen in April 2011, just before the last peak in prices. This doesn't mean it can't rally further from here, but buyers should be cautious at current levels," he said.