Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices went up on Saturday morning as global rates stood at around the record US$4,000 per ounce mark hit earlier this week.
Saigon Jewelry Company gold bar price rose 0.42% to VND142.8 million (US$5,421.43) per tael. Asia Commercial Bank-branded bullion, which debuted on Friday, was priced similarly.
Gold ring price gained 0.43% to VND139.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, spot gold prices closed Friday at around US$4,016 per ounce.
Earlier in the day, U.S. President Donald Trump said there is no reason to meet with China’s President Xi Jinping in two weeks in South Korea as planned. The U.S. is calculating a massive increase in tariffs on Chinese imports, he said in a Truth Social post, Reuters reported.
Following the news, gold briefly topped the $4,000/oz milestone, climbing to a session high of $4,022.52.
“Heating up the trade war again will tank the dollar and be good for safe-havens,” said Tai Wong, an independent metals trader.
Besides, investors are anticipating the U.S. Federal Reserve to cut interest rates by 25 basis points each in October and December.
Non-yielding bullion, which hit a record high of $4,059.05 on Wednesday, is traditionally considered a hedge during times of broader uncertainty.
Markets are also closely monitoring the risks related to the potential collapse of the French government and the ongoing government shutdown in the U.S.
