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Saigon Jewelry Company gold bar price gained 0.92% to VND141.9 million (US$5,383.66) per tael. A tael equals 37.5 grams or 1.2 ounces.
Local bullion prices have increased by nearly 67% since the start of the year and are currently over VND14 million per tael higher than global rates.
Gold ring price reached VND139.1 million per tael, up 1.01% from Tuesday and 63% in the year to date.
The government scrapped the monopoly on gold bar production in late August. Since then, private lender Asia Commercial Bank has announced the launch its own brand of bullion.
Globally, gold prices broke $4,000 for the first time Wednesday as investors piled into the safe haven over expectations for U.S. interest rate cuts and worries over the U.S. government shutdown, AFP reported.
The metal, long considered a go-to in times of uncertainty, climbed to a high of $4,006.68 an ounce, even as the dollar has pushed up against most of its peers in recent days.
"The rapid rise in gold prices has been supported by rising inflows into (exchange-traded funds) and central bank buying, including solid demand from China, as gold benefits from political, economic, and inflation uncertainty," wrote Taylor Nugent at National Australia Bank.
