Vietnam gold prices hit record near $6,000 as global bullion rallies

The price was up VND900,000 ($34) from recent records.

Spot gold also set a new global record, rising to $4,413.7 an ounce and taking gains so far this year to about 67 percent.

In Vietnam, SJC bars were bought at VND155.5 million ($5,905) per tael, while 9999 gold rings rose to VND154.1 million ($5,852) per tael.

Domestic prices were trading at a premium of about VND17 million ($645) per tael over international levels, despite a recent narrowing of the gap.

Gold has repeatedly broken records this year, supported by geopolitical tensions, looser global monetary policy, a weaker U.S. dollar, and steady central bank buying, the World Gold Council said.

Major banks remain bullish.

JPMorgan Private Bank sees prices reaching $5,200–5,300 an ounce, while Goldman Sachs forecasts about $4,900 next year and Morgan Stanley expects gold near $4,500 an ounce, while warning of short-term volatility.

(1 tael is equal to 37.5 grams)