The price of Vietnam's gold bars saw another rise on Thursday morning, increasing by 0.90%, reaching VND100.4 million ($3,928.78) per tael—a new peak.

The cost of a gold ring increased by 0.80%, reaching VND100.7 million per tael. It's worth noting that one tael is equivalent to 37.5 grams or approximately 1.2 ounces.

The safe-haven metal has consistently reached record-breaking levels this week as worldwide rates surge to all-time peaks. In Vietnam, the cost of gold has increased by 19% since the start of the year.

Worldwide, gold reached record levels on Thursday after the Federal Reserve suggested the possibility of up to two interest rate reductions this year, enhancing gold’s attractiveness due to persistent global political and economic challenges. Reuters reported.

Spot gold increased by 0.1% to reach $3,049.89 per ounce. Earlier in the trading session, bullion had hit a peak of $3,055.96.

Gold is being propelled by "numerous uncertain market conditions, geopolitical strains, a declining U.S. dollar, and forecasts for potential rate cuts down the line," according to Dick Poon, who serves as the general manager at Heraeus Metals Hong Kong Ltd.

Tariff unpredictability, potential interest rate reductions, and renewed strife in the Middle East have fueled gold’s unprecedented surge, leading to 16 all-time peaks this year alone, with four of these surpassing the $3,000 threshold.

Inflexible gold is seen as a safeguard amidst worldwide uncertainties and flourishes when interest rates are low.

"In light of the strong performance in gold during Q1, I believe a pullback isn’t unlikely," stated Nicholas Frappell, who leads the institutional markets division at ABC Refinery globally.