Vietnam’s gold market saw a subtle uptick on Saturday morning, buoyed by a surge in global bullion prices.
The Saigon Jewelry Company reported a 0.41% increase in gold bars, pricing them at VND121 million (approximately $4,662.09) per tael. Gold rings also experienced a slight gain of 0.43%, reaching VND116 million per tael. Notably, since the start of the year, gold prices have skyrocketed by 44%.
On the international scene, gold prices climbed more than 2% on Friday, marking the best weekly performance in six weeks. This surge occurred as investors turned to gold as a safe-haven asset amidst new tariff threats from U.S. President Donald Trump and a weakening dollar, as reported by Reuters. Spot gold jumped 2.1% to $3,362.70 an ounce, and bullion posted a 5.1% weekly increase, hitting its highest point in over two weeks.
“U.S. President Donald Trump has been on a tear the last 24 hours. Threatening 50% tariffs on the EU as of June 1, biting Apple, and hammering Harvard has stocks in a black mood, which is great for gold,” noted Tai Wong, an independent metals trader. It seems when the stock market frowns, gold shines—truly a case of financial opposites attracting!
How much has gold increased since the beginning of the year?
Gold prices have surged by 44% since the start of the year.
What influence did President Trump have on the gold market recently?
His recent tariff threats contributed to a decline in investor confidence in stocks, leading many to turn to gold as a safer investment.
What was the percentage gain for spot gold on Friday?
Spot gold rose by 2.1% on Friday, marking an impressive increase amidst global market fluctuations.
