A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Prices of gold bars and rings hit new highs Friday morning after breaking records over the last two days.
Saigon Jewelry Company gold bar jumped 1.27% to VND95.6 million (US$3,745.34) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring surged to VND96.2 million per tael, also a new historic peak.
Globally, gold hit a record high on Friday, as uncertainty over U.S. tariffs and fears of trade tensions propelled prices, along with increased expectations of monetary policy easing by the Federal Reserve, Reuters reported.
Spot gold hit a record high of $2,990.09 earlier in the session, within touching distance of the key $3,000 milestone, before easing 0.1% to $2,983.78 an ounce.
Bullion is also poised to log a second straight weekly rise, with a 2.5% gain so far. U.S. gold futures rose 0.2% to $2,996.70.
“The risk-off market stance reflects investors’ expectations that trade tensions are likely to get worse before it cools, and are turning to safe-haven gold once again as a hedge against portfolio volatility,” said IG market strategist Yeap Jun Rong.
Trump’s tariffs are widely expected to stoke inflation and economic uncertainty, and have prompted gold to reach multiple record highs in 2025.
Markets now await the Fed’s monetary policy meeting next Wednesday. The central bank is expected to keep its benchmark overnight interest rate in the 4.25%-4.50% range.
Non-yielding bullion thrives in a low interest rate environment.
“The psychological $3,000 level is now coming into view for gold prices, and as we approach the second quarter, where reciprocal tariffs could trigger another wave of market turbulence, gold remains a compelling safe-haven asset in an environment where alternatives are scarce,” Rong added.
