A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price rose 0.9% to VND88.9 million (US$3,546.07) per tael Friday morning while global bullion rates were near an all-time high.
Gold ring price inched up by 0.11% to VND87.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices soared to near an all-time high on Friday and were on track for a fourth straight weekly gain as uncertainty about U.S. President Donald Trump’s trade plans took the wind out of the dollar’s sail, boosting demand for safe-haven bullion, Reuters reported.
Spot gold jumped 0.8% to $2,774.49 per ounce and has gained more than 2% so far this week. Earlier in the day, prices rose to $2,777.10, the highest since Oct. 31, when they hit an all-time record $2,790.15. U.S. gold futures climbed 0.6% to $2,781.80.
“The dollar slipped after Trump spoke against market expectations … This drop comes as he has refrained from implementing aggressive tariffs following his inauguration,” said Jigar Trivedi, senior analyst at Reliance Securities.
Trump called for an immediate drop in interest rates and provided no clarity on tariffs, while investors awaited a round of policy announcements from global central banks.
The lack of clarity about future policies has led market participants flocking to safe-haven assets such as gold to hedge against volatility.
