Gold statues on display at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Saigon Jewelry Company gold ring price jumped 1.46% to VND73.05 million ($2,926.10) per tael Saturday morning, reaching a new historic level.
Gold bar rose 0.86% to VND82 million per tael Saturday morning.
Globally, gold hit a record high at $2,305.04 an ounce on Thursday, marking a 12% increase since the beginning of the year. This surge in gold prices has been attributed to various factors influencing the market.
Gold’s impressive rally in April came after a 9.3% surge in March, the strongest since July 2020. This upward trend occurred despite facing challenges like a strong dollar and elevated U.S. real interest rates.
Increased Demand and Uncertain Economic Conditions
The rise in gold prices can be attributed to increased demand for safe-haven assets by investors seeking stability during times of uncertainty. Factors like geopolitical tensions, inflation concerns, and global economic instability have contributed to the surge in gold prices as investors look to hedge their portfolios against potential risks.
