Gold reaches 2nd historic peak in a day

By Dat Nguyen April 22, 2025 | 12:03 am PT

A person holds gold bars in a jewelry shop in Hanoi. Photo by VnExpress/Ngoc Thanh

Vietnam gold price Tuesday afternoon jumped to another historic peak, its second record in the day, driven by the surge in value of bullion globally.

Saigon Jewelry Company gold bar rose 5.08% to VND124 million (US$4,781.74) per tael.

Gold ring went up 2.22% to VND116.9 million per tael.

Vietnam’s gold price has shot up by 47% since the beginning of the year.

Globally gold prices also soared to a record high, hitting the crucial $3,500 mark, as concerns over U.S. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell dampened risk sentiment and drove investors towards safe-haven bullion, Reuters reported.

Spot gold was up 2.2% at $3,493.41 an ounce, after touching a record high of $3,500.05 per ounce earlier in the session.

"Investors have been giving a wide berth to U.S. assets amid tariff worries and Trump-Powell dramas, which has kept gold in prime position to capitalize on the dollar's woes," said Tim Waterer, chief market analyst at KCM Trade.

Gold, viewed as a safe-haven asset amid economic uncertainties, has risen nearly 33% so far this year.