Two major gemstone companies - Saigon Jewelry Company (SJC) and Bao Tin Minh Chau Co., Ltd. - listed the buying and selling prices of gold bars at VND115 million and VND118 million per tael, respectively, up VND2.5 million per tael compared to the previous transaction on April 16.

Experts say this sharp increase in domestic gold prices is due to the impact of rising gold prices in the global market, while domestic gold is still in short supply. In addition, many people are keen to buy gold to store amid fluctuating prices, making gold prices skyrocket to historic peaks.

Dr. Nguyen Tri Hieu, a leading financial-banking expert, stated that gold prices have increased more than expected, resulting in many unpredictable consequences such as gold smuggling and fake gold, posing risks for buyers.

Globally, gold prices jumped by US$109 per ounce on April 17 morning to a record high of US$3,349 per ounce.

Gold prices extended their record run to breach US$3,340 per ounce, as a weaker dollar coupled with escalating US-China trade tensions has pushed investors towards the safe-haven asset.

Gold expert Tran Duy Phuong analysed that spot gold prices soared following concerns around US President Donald Trump's tariffs as well as escalating global trade tensions, sparking a fresh wave of investments.

Inflation, instability in the world financial market and the amount of gold reserves of central banks and gold investment funds are also key factor to have influence on gold prices, therefore investors should be cautious about each transaction and need to decide the right time to buy and sell gold to avoid losses, he stressed.

Dr. Nguyen Tri Hieu said that to cool down the current gold fever, the State Bank of Vietnam should govern the management of gold import activities, and propose necessary changes to adapt to the current state of the gold market.

Gold prices hit new peaks amid ongoing rally

VOV.VN - Gold prices in Vietnam soared to new historic peaks on the morning of March 18, tracking a sharp uptrend in global markets.