The selling price of gold ring in the domestic market skyrocketed to a new historic peak at over VND100 million ($3,889) per tael on March 19 as global bullion values surpassed the $3,000-per-ounce level for the first time ever.

The price increased by VND1.6 million ($62.2) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

Meanwhile, the SJC-branded gold bars were sold at VND99.4 million ($3,866) per tael, jumping by VND1.2 million ($46.6) per tael against the previous day.

In the global market, the gold prices rose by 0.14% compared to the previous day, hitting $3,035.9 per ounce.  

At this level, gold prices in Vietnam are around VND4.33 million ($168) a tael higher than global price.

The global gold prices surged nearly 16% since the early year and the ANZ bank forecasted that the gold price is likely to increase to a new record high of $3,100 per ounce in the next three months and $3,200 per ounce in the next six months.