Gold bars on sale at a shop in HCMC. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar surged 1.52% to VND100.4 million (US$3,925.71) per tael Friday morning, the all-time high it previously reached on March 20.
Gold ring price jumped 1.93% to VND100.6 million per tael, also close to its previous peak of VND100.7 million. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices surged to a record high on Friday as fresh tariff plans from U.S. President Donald Trump fueled fears the global trade war will intensify further, prompting investors to seek refuge in the safe-haven precious metal, Reuters reported.
Spot gold climbed 0.6% to $3,074.31 an ounce after hitting an all-time high of $3,077.44 earlier in the session. Bullion is up 1.7% so far this week, on track for a fourth straight weekly gain. U.S. gold futures gained 0.8% to $3,084.70.
“Gold has the wind at its back at the moment. U.S. trade policy, U.S. fiscal policy, geopolitics, and a growth slowdown – everything is blowing in gold’s direction,” Capital.com’s financial market analyst Kyle Rodda said, adding that $3,100/oz is the next big milestone for prices.
Uncertainty surrounding tariffs, potential for interest rate cuts, geopolitical conflicts and central bank buying have all fuelled gold’s surge past the key $3,000/oz milestone.
Trump is set to implement reciprocal tariffs on April 2, which could stoke inflation, dampen economic growth, and escalate trade disputes.
Gold, traditionally seen as a hedge against economic and political instability, thrives in a low-interest rate environment.
