Gold extends gains as Middle East tensions boosts safe-haven rush

Gold extends gains as Middle East tensions boosts safe-haven rush

Domestic gold prices extended their rally on March 2 as increased buying and geopolitical tensions drove bullion to fresh multi-week highs.

Gold prices at home and abroad jumped sharply on March 2 as geopolitical tensions in the Middle East boosted safe-haven demand for the precious metal.

Domestic gold prices in the afternoon increased by VNĐ1 million per tael from the morning session, extending gains to approximately VNĐ2.6 million per tael compared with the previous day.

One tael is equivalent to 1.2 troy ounces.

At 1.17pm, Saigon Jewelry listed SJC gold bars at VNĐ186.6–189.6 million per tael (US$7,122-7,337) for buying and selling, respectively, while DOJI recorded similar gains with gold rings around VNĐ186.9–VNĐ189.9 million per tael.

Other major brands also followed suit. Bảo Tín Minh Châu Jewelry listed SJC gold VNĐ186.9–189.6 million per tael, while Phú Quy Gold and Jewelry Group quoted prices at approximately VNĐ185.9–188.9 million per tael, reflecting similar gains amid robust demand.

On the global market, spot gold was up 1.88 per cent at $5,376.44 an ounce, as of 0632 GMT on March 1, after hitting its highest point in more than four weeks as investors sought refuge from rising geopolitical risk, according to international commodity data.

Converted at the current Vietcombank exchange rate, the world gold price equates to roughly VNĐ170–171 million per tael (excluding taxes and fees), leaving domestic SJC prices around VNĐ16–19 million per tael higher than the international benchmark.

Demand at “gold streets” in central Hà Nội remained strong, with customers arriving early to queue for transactions. Many shopkeepers said they were limiting the number of taels sold per customer to serve more buyers, while some investors reported notable short-term gains on recent purchases.

Gold has risen to its highest level since early February 2026 as escalating US–Israel–Iran tensions fuel safe-haven demand, with several major funds forecasting a potential new upcycle and further volatility.

Economist Dr Nguyễn Trí Hiếu said medium- and long-term investors may still view gold as a viable option amid persistent geopolitical risks, but cautioned against short-term speculative buying after sharp rallies due to potential profit-taking corrections.

He stressed that investors should adopt a balanced approach and avoid concentrating capital in a single asset class, even when market trends appear favourable. 

Bizhub