Vietnam gold prices increase

Saigon Jewelry Company gold bar jumped 3.3% to VND190.3 million (US$7.298.88) per tael, a new record. A tael equals 37.5 grams or 1.2 ounces.

Gold ring increased by 3.32% to VND189.8 million. Gold prices in Vietnam have risen 25% since the beginning of the year.

Globally spot gold extended its blistering rally on Thursday to hit a record high just shy of $5,600 an ounce, as investors sought safety amid geopolitical and economic uncertainties, while silver came within a whisker of breaching the $120 mark, Reuters reported.

Spot gold shot up 2.7% to $5,542.29 an ounce, after hitting a record $5,591.61 earlier in the day.

"Growing U.S. debt and uncertainty created by signs that the global trade system is splintering into regional blocs as opposed to a U.S.-centric model (are leading investors to pile into gold)," said Marex analyst Edward Meir.

Prices jumped past the $5,000 mark for the first time on Monday and have gained more than 10% so far this week, driven by a cocktail of factors including strong safe‑haven demand, firm central bank buying and a weaker dollar.

"Gold is no longer just a crisis hedge or an inflation hedge; it is increasingly viewed as a neutral, and a reliable store of value asset that also provides diversification across a wider range of macro regimes," OCBC analysts said in a note.