Saigon Jewelry Company gold bar price surged by 2.7% to a record VND106.4 million (US$4,138.47) per tael.

A person holds gold jewelry at a shop in Ho Chi Minh City.

It previous peak was VND103.9 million per tael hit on Thursday. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price rose 3% to VND106.4 million per tael, surpassing its past record of VND103.3 million.

Globally, gold breached the key $3,200/oz level for the first time to scale a new peak on Friday, fuelled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets, Reuters reported.

Spot gold rose 1.3% at $3,216.48 an ounce. Bullion scaled an all-time peak of $3,219.73 earlier in the session, gaining over 5% for the week. U.S. gold futures climbed 1.9% to $3,236.00.

Apart from tariffs, central bank demand, expectations of interest rate cuts by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds also fueled the metal's rally this year.

"$3,500 is the next round number people will be looking at. I suspect we won't get there immediately or without bumps along the way," Capital.com's financial market analyst Kyle Rodda said.

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