Gold hits new record

Vietnam gold price reached another historic high Thursday morning, driven by strong global demand for the safe-haven asset amid economic challenges.

Saigon Jewelry Company gold bar jumped 2.16% to VND118 million (US$4,560.82) per tael Thursday.

Gold ring price was steady at VND113.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold price has surged 40% since the beginning of the year.

Globally, economic uncertainties left gold in an unstoppable position, with bullion hitting another record high of $3,339 per ounce, last up 3.5%, Reuters reported.

Australian bank ANZ on Wednesday updated its forecast for gold to hit $3,600 an ounce by year-end, saying safe-haven demand for the asset would accelerate.