A customer (R) tries on gold jewelry in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices jumped to the highest in two months Saturday morning as global rates gained after the U.S. announced new import tariffs.
Saigon Jewelry Company gold bar went up 0.41% to VND121.5 million per tael (US$4,652.59), highest since May 10.
Gold ring gained 0.25% to VND118.2 million per tael.
Gold has surged 44% since the beginning of the year.
Globally gold prices rose more than 1% on Friday as investors sought safe-haven assets following U.S. President Donald Trump’s announcement of new tariffs, while silver reached its highest level in over 13 years, Reuters reported.
Spot gold gained 1% to $3,356.93 per ounce after touching its highest level since June 24 earlier in the session. U.S. gold futures closed up 1.4% at $3,371.20.
Global stocks fell after Trump ramped up his tariff assault on Canada, saying the U.S. would impose a 35% tariff on imports next month and planned to impose blanket tariffs of 15% or 20% on most other trading partners.
“We are in an environment where the uncertainty premium is back in the market and gold is getting a safe-haven bid,” said Aakash Doshi, global head of gold strategy at State Street Global Advisors.
“I think the range in the third quarter is most likely between $3,100 and $3,500. It’s been a very strong first half of the year, and I believe we’re now in a bit more of a consolidation phase,” Doshi added, as cited by Reuters.
