Gold jewelry on display at a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices continued its rally and established new all-time highs on Friday afternoon.
Saigon Jewelry Company gold bar gained 0.3% to a new peak of VND100.7 million (US$3,937.83) per tael after it surged 1.52% to its previous high of VND100.4 million in the morning.
Gold ring price rose 0.2% to VND100.8 million per tael, higher than its previous peak of VND100.7 million. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold scaled a record peak on Friday as U.S. President Donald Trump’s fresh tariffs fuelled fears that the global trade war will further intensify and prompted investors to seek refuge in the safe-haven metal, Reuters reported.
Spot gold climbed 0.9% to $3,083.33 an ounce after hitting an all-time high of $3,086.21 earlier in the session. Bullion is up 2% this week and is on track for a fourth straight weekly gain. U.S. gold futures added 1% to $3,092.50.
The threat of trade wars drives a rush towards the safe-haven metal. Gold is up more than 17% in the first quarter of the year, heading for its best quarterly performance since 1986.
“Continued haven demand, coupled with EM central bank buying in an effort to diversify FX reserves, make for a convincing bull case here,” said Michael Brown, senior research strategist at Pepperstone.
