Gold Prices Reach Unprecedented Heights

In a remarkable turn of events, gold prices have soared to historic peaks, with the price of a gold ring increasing by 2.14% to a staggering VND119.5 million per tael. This marks a new record, highlighting the precious metal's growing value in the market.

Global Gold Market Trends

Despite a slight softening on Thursday due to the Easter long weekend, gold prices had previously hit a new record high of above $3,350 an ounce. According to Kitco News, spot gold was last seen trading at $3,316.90 an ounce, showcasing a weekly gain of nearly 2.5%.

The June futures contract, the most actively traded, closed at $3,341.70, a minor retreat from its record high. This fluctuation underscores the volatile yet upward trajectory of gold prices.

Expert Insights on Gold's Rally

David Morrison, a Senior Market Analyst at Trade Nation, describes the recent surge as a "blowoff top," noting a 13% increase in gold prices within a week. Morrison advises caution, pointing out the overbought conditions reminiscent of April 2011, just before the last peak in prices.