A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Gold prices increased further to fresh highs on Tuesday afternoon after setting new records in the morning.
Saigon Jewelry Company gold bar price edged up to VND99.8 million (US$3,906.45) per tael, up 0.4% from the morning. A tael equals 37.5 grams or 1.2 ounces.
Meanwhile, gold ring prices gained 0.3% to reach VND100 million per tael for the first time ever.
Globally, gold rose to a record high on Wednesday as tensions in the Middle East and U.S. tariff uncertainties lifted the bullion’s safe-haven appeal, while traders awaited the Federal Reserve’s decision later in the day, Reuters reported.
Spot gold added 0.2% to $3,039.38 an ounce. Earlier in the session, it hit an all-time peak of $3,045.24, the 15th one this year. U.S. gold futures gained 0.2% to $3,046.40.
“There seems to be little standing in gold’s way for now, with renewed geopolitical tensions in the Middle East, rising global economic risks and tariff uncertainties driving its appeal as a safe-haven asset against market volatility,” said IG market strategist Yeap Jun Rong.
“At its current trajectory, gold futures could tag $3,200 in just over a month. Even if we get a shakeout or two along the way, I suspect bulls are laying in wait for a discount, however small,” said Matt Simpson, a senior analyst at City Index.
