A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price went up 0.3% to VND98.2 million (US$3,836.69) per tael Wednesday morning while global rates held firm.
Gold ring price rose by roughly the same rate to VND98 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices held steady on Wednesday as market participants squared positions ahead of U.S. President Donald Trump’s sweeping reciprocal tariff plans, which they fear will fuel inflation and hinder economic growth, Reuters reported.
Spot gold held ground at $3,019.72 an ounce. U.S. gold futures eased 0.1% to $3,023.60.
U.S. consumer confidence plunged to the lowest in more than four years in March, with households fearing a recession in the future and higher inflation triggered by tariffs.
The spotlight is now on potential reciprocal tariffs that the U.S. administration might adopt on April 2, causing some nervousness in the market.
Trump’s tariff policies are likely to be inflationary, potentially slowing economic growth and intensifying trade tensions.
Gold, traditionally seen as a hedge against geopolitical and economic uncertainties, has risen 15% so far this year, scaling an all-time peak of $3,057.21 on March 20.
“There are real concerns around U.S. economic growth and as well as inflation. U.S. is likely to face a stagflationary scenario, and that could support prices,” said Soni Kumari, a commodity strategist at ANZ.
“We are forecasting $3,200 by September,” Kumari said, adding that any hawkish comment from the Fed could be a factor impeding gold’s rally.
