On Tuesday afternoon, the price of gold in Vietnam hit a new historical high as global rates also achieved unprecedented levels. The price of a gold bar from Saigon Jewelry Company rose by 0.67%, reaching VND166.1 million (US$6,324.12) per tael, equivalent to approximately 37.5 grams or 1.2 ounces.
The price of a gold ring similarly increased by 0.80%, costing VND163.5 million per tael. Since the start of the year, gold prices in Vietnam have seen an 8.7% increase.
Internationally, the situation mirrored Vietnam’s, with gold surpassing $4,700 per ounce for the first time on Tuesday. Concurrently, silver traded near a record high. This sharp increase in precious metal prices can be attributed to the heightened global tension due to the threats by U.S. President Donald Trump of imposing additional tariffs on European allies. This political unrest has led to a surge in investment in safe-haven assets such as gold and silver.
The spot price of gold rose by 1%, reaching $4,717.03 per ounce after achieving a record high of $4,721.91 earlier in the day. U.S. gold futures for February delivery also saw a significant increase, rising by 2.8% to $4,722.70 per ounce.
Since the commencement of President Trump’s second term a year ago, gold prices have rallied more than 70%. Similarly, silver has seen a remarkable surge of more than 200%.
What caused the surge in gold prices?
The surge in gold prices can be attributed to the heightened global tension due to U.S. President Donald Trump’s threats of imposing additional tariffs on European allies, sparking a rush into safe-haven assets like gold and silver.
How much did gold prices in Vietnam increase?
The price of a gold bar from Saigon Jewelry Company rose by 0.67%, reaching VND166.1 million (US$6,324.12) per tael. Since the start of the year, gold prices in Vietnam have seen an 8.7% increase.
What has been the effect on silver prices?
Similar to gold, silver has also seen a significant increase in value. It traded near a record high and has seen a surge of more than 200% since the start of President Trump’s second term a year ago.
