Saigon Jewelry Company gold bar price surged 2.36% to a peak of VND173.3 million (US$6,600.65) per tael. Other sellers quoted the same rate.

Local bullion prices have risen by 13% this year and are VND15 million per tael higher than global rates.

Gold ring price gained 2.44% to VND171.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Trading of the yellow metal in Vietnam has been subdued as most major sellers are facing supply shortages. SJC’s headquarters in HCMC is selling only a limited volume of gold rings to 150 customers per day while purchases of gold bars are also very difficult to arrange.

In Hanoi, some companies are only allowing customers to buy minuscule amounts of gold amid the scarce supply.

Globally, precious metals set records on Friday as the dollar wallowed around the lows of the year, Reuters reported.

Gold rallied for a fifth day, gaining 0.3% to $4,951.47 per ounce, while silver was up 1.7% at $97.85 per ounce.

“Geopolitical tensions, generally weak dollar, expectations for the Fed easing this year are all factors that are part and parcel of the macro de-dollarisation trend and are ‍still impacting the demand (for gold),” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Markets anticipate the U.S. central bank will implement two quarter-percentage point ⁠rate cuts in the ⁠latter half of the year, raising non-yielding gold’s appeal.