Gold bars on sale at a shop in HCMC. Photo by VnExpress/Quynh Tran
Vietnam gold bar price went up slightly on Friday morning as global bullion rates increased following Trump’s tariff announcement.
Saigon Jewelry Company gold bar gained 0.17% to VND121 million (US$4,634.24) per tael.
Gold ring price were steady at VND116.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold rose on Friday after U.S. President Donald Trump announced new tariffs on Canadian imports and broader tariff threats to other trading partners, but gains were capped by a stronger dollar amid mounting signs of turmoil in global trade landscape, Reuters reported.
Spot gold rose 0.3% to $3,332.73 per ounce. U.S. gold futures added 0.5% to $3,343.70.
All newly announced tariffs will take effect on Aug. 1.
“Despite Trump’s tariff wars picking up steam again, gold hasn’t gotten the boost it previously has because investors are becoming more accustomed to both the tariff story and Trump’s policy-making style,” KCM Trade Chief Market Analyst Tim Waterer said.
The U.S. dollar index was on track to record its best weekly performance since the week ended Feb. 24, making gold more expensive for international buyers.
Gold, often considered as a safe-haven asset during economic uncertainties, tends to do well in a low-interest-rate environment.
