HANOI (Commodity Online ) : Gold prices in Vietnam hit an all time record Wednesday on the back of surge in global markets due to weakened dollar.

Gold prices flared to hit VND23.85 million per tael in Ho Chi Minh City and VND23.87million in Hanoi, up VND300,000 from Tuesday’s close. A tael is slightly more than 1.2 troy ounces.

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Domestic gold Wednesday soared to an all-time high of 23.87 million a teal (US$1,104) as globally, the metal rose to hover just below record highs as the dollar extended losses against a basket of currencies.

Analysts said both buyers and sellers should be cautious in their trading as big fluctuations in gold prices contain risks.

Gold has rallied 12 percent since the beginning of September.