Gold has been reported to reach a record high on Wednesday, selling at VND62.15 million per tael (0.0377kg) or US$2,746.

The price hike seemed to apply to the domestic market as global prices only experienced a slight increase. In the afternoon, the price went down to VND61.85 million, marking a difference in price of VND11 million between global and domestic markets. As of Thursday morning, price has gone up to VND62.15 million per tael.

According to To Thanh Hiep, general director of Sacombank-SBJ, the price hike was a result of a surge in demand among Vietnamese buyers.

"Buyers face increased risk as the price in the domestic market is much much higher than of the global market," he said.

This is the highest price recorded for gold since August 2020. — VNS