A person holds gold rings in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices inched up Tuesday afternoon as global rates continued to hover around a historic peak.
Saigon Jewelry Company gold bar went up 0.17% to VND177.3 million (US$6,781.41) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring increased by 0.34% to VND176.6 million per tael. Vietnam gold prices have risen 16% since the beginning of the year.
Globally gold rose on Tuesday as geopolitical uncertainty underpinned safe-haven demand, while silver surged 8% to hover near all-time highs, Reuters reported.
Spot gold climbed 1.6% to $5,092.70 per ounce, after scaling a record $5,110.50 on Monday. It broke through the $5,100 mark for the first time in the previous session.
“Trump’s disruptive policy approach this year is playing into the hands of precious metals as a defensive play. The threats of higher tariffs to Canada and South Korea are doing enough to keep gold a safe-haven choice,” said Tim Waterer, KCM Trade’s chief market analyst.
