Gold jewelry seen in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold bar price increased by 0.3% to VND98.7 million (US$3,859.99) per tael Wednesday afternoon while global rates rose.
Gold ring price rose by 0.31% to VND98.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices rose on Thursday as U.S. auto tariffs ratcheted up global trade tensions ahead of an April 2 deadline for reciprocal tariffs from the world’s largest economy, Reuters reported.
Spot gold was up 0.3% at $3,028.65 an ounce. U.S. gold futures gained 0.5% to $3,036.10.
U.S. President Donald Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the global trade war.
Investors feared that Trump’s reciprocal tariffs, expected to take effect on April 2, might fuel inflation, slow economic growth and heighten trade tensions.
Concerns over Trump’s tariff policies catapulted gold to a record high of $3,057.21 on March 20.
Aakash Doshi, global head of gold at SPDR ETF Strategy, expects gold will breach $3,100 in the second quarter and “the market could potentially push another 8%-10% higher by end-2025 if the current macro and physical market tailwinds sustain for the yellow metal.”
Last week, the U.S. central bank held benchmark interest rate steady, but indicated it could cut rates later this year. Non-yielding bullion tends to thrive in a low interest-rate environment.
