Gold jewelry seen at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price fell 0.3% to VND99.8 million (US$3,846.23) per tael Tuesday morning as global rate bounced back from a near four-week low.
Gold ring price similarly declined to VND99.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices rebounded on Tuesday from a near four-week low reached in the previous session, as heightened concerns over the global trade war between the United States and its key trading partners lifted investor appetite for safe-haven assets, Reuters reported.
Spot gold was up 0.5% at $2,996.6 an ounce. Bullion hit its lowest level since March 13 on Monday.
U.S. President Donald Trump ramped up tariff threats against China on Monday, while the European Union outlined plans for retaliatory duties, deepening fears of a drawn-out trade war that could tip the global economy into recession.
“Escalation of the trade war could trigger a global recession, and that is driving safe-haven demand,” said Reliance Securities’ senior analyst Jigar Trivedi.
“Despite slipping in the previous sessions, gold is still strong and should remain on the upward trend,” because of the bullish undertone.
Gold, often considered a safe investment during times of political and financial uncertainty, scaled an all-time peak of $3,167.57 on April 3.
