Domestic gold prices in Vietnam jumped to a new record high on April 18 amid escalating global trade tensions, with benchmark rates hitting VND120 million ($4,597) per tael.

One tael is equivalent to 1.2 ounces.

The Saigon Jewelry Company (SJC), the country’s largest gold trader quoted the SJC-branded gold bars at VND117 million ($4,482) and VND120 million ($4,597) per tael for buying and selling, respectively. The figures were up VND1.5 million ($57.4) and VND2 million ($76.6), respectively, from the previous session.

However, in the global market, the gold prices dropped over 0.7% compared to the previous day to $3,326.3 per ounce.  

At this level, gold prices in Vietnam are around VND14.25 million ($545) a tael higher than global price.