Gold prices surge to new record high

Saigon Jewelry Company gold bar went up 0.4% to VND125 million (US$4,755.58) per tael, higher than its previous peak of VND124.7 million hit last Thursday. From the start of the year, bullion has gained 48.5%.

Gold ring price increased by 0.34% to VND119.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold rose on Monday after hitting a two-week low, supported by lower U.S. Treasury yields as investors awaited U.S. President Donald Trump's meeting with Ukrainian President Volodymyr Zelenskiy and European leaders to discuss a peace deal with Russia, according to Reuters.

Spot gold gained 0.5% to $3,350.55 per ounce after hitting its lowest level since Aug. 1. Meanwhile, U.S. gold futures for December delivery rose 0.4% to $3,396.90.

"Gold was on the back foot to start the day, but...was able to reverse course with buyers stepping up to around $3,330 as a value play. U.S. treasury yields gave up some of Friday's gains which also helped to make life easier for the gold price," KCM Trade chief market analyst Tim Waterer said.

Economists polled by Reuters largely expect the Fed to announce a rate cut in September, its first this year, with a possible second cut by the year-end.

Non-yielding bullion, considered a safe-haven assets during periods of uncertainity, tends to perform well in low-interest-rate environment.