Gold prices have soared to a new record high of VND122.5 million per tael, with people rushing to buy. Experts say stabilizing the gold market is challenging in the current context because of a supply shortage.

At 10am on April 22, Saigon Jewelry Company (SJC) listed gold bar prices at 120.5-122.5 million VND per tael.

Exploiting gold mines requires several stages, and 40 northwest gold mines with estimated reserves of 30 tons of gold are only an initial resource assessment, according to the Ministry of Agriculture and the Environment (MAE).