Gold rings on display at a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold ring price rose 1% to a historic peak of VND90.5 million (US$3,594.12) per tael Wednesday morning while global bullion values reached an all-time high.
The previous record for gold ring prices, at VND90.1 million per tael, was just set on Tuesday morning.
Gold bar price also surged by 1% to VND91 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices hit a record high on Wednesday, bolstered by fears of a new trade war between the United States and China after Beijing slapped tariffs on U.S. imports in a response to new U.S. duties on Chinese goods, Reuters reported.
Spot gold was up 0.2% at $2,848.69 per ounce after hitting a record high of $2,853.97 earlier in the session. U.S. gold futures gained 0.2% to $2,879.70.
U.S. President Donald Trump said on Tuesday he is in no hurry to speak to Chinese President Xi Jinping to try to defuse the trade tensions between the world’s two largest economies.
China imposed targeted tariffs on U.S. imports on Tuesday and put several companies, including Google, on notice for possible sanctions, in a measured response to Trump’s tariffs.
“The next major inflection point for gold is probably the $3,000 figure… China may be more encouraged to keep buying gold for reserves if the trade war escalates,” said Ilya Spivak, head of global macro at Tastylive.
