Gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices surged on Wednesday afternoon after minor gains in the morning, approaching previous peak.
Saigon Jewelry Company gold bar price rose 1.7% to VND101.9 million (US$3,917.73) per tael, close to its historic high of VND102.4 million hit last week. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price surged by 1.6% to around VND102 million per tael. It previously hit a record VND102.8 million.
Globally, gold prices firmed on Wednesday as traders sought the safe-haven asset after U.S. President Donald Trump’s “reciprocal” tariffs came into effect, while a weaker dollar and the rising prospect of U.S. rate cuts lent support, Reuters reported.
Spot gold rose 2.1% at $3,047.68 an ounce. U.S. gold futures gained 2.5% to $3,066.20.
The U.S. dollar index fell 0.4%, making greenback-priced gold cheaper for overseas buyers.
Trump’s tariffs, which included a 104% duty on Chinese goods, has come into effect, intensifying concerns about a global trade war and recession. China is set to hold a high-level meeting in response to the tariffs and its central bank asked state lenders to reduce dollar purchases.
“Trade war concerns are weighing on the prospects of the U.S. economy. Market participants are starting to price in several rate cuts by the U.S. Fed this year,” which is supporting gold, said UBS analyst Giovanni Staunovo.
“We continue to see gold prices moving up to $3,200/oz over the coming months.”
Nearly 60% of traders are anticipating the Fed to begin rate cuts as early as May. Zero-yield bullion tends to thrive in a low interest rate environment.
Spot gold prices have continued to build on last year’s gains, surging more than $400 so far in 2025 and hitting a record high of $3,167.57 on April 3.
