On a recent Monday morning, both Vietnamese and global gold prices achieved unprecedented highs. The price of a gold bar from Saigon Jewelry Company escalated by 1.35%, reaching a high of VND165 million (US$6,280.68) per tael. This increase in price was mirrored by other vendors, who matched this rate.
Over the course of this month, Vietnam’s local gold prices have experienced an almost 8% increase, with rates standing at VND16.5 million per tael higher than the global average.
The cost of gold rings also experienced an upturn, with a 1.57% increase, pricing them at VND162.2 million per tael. To clarify, one tael is equivalent to 37.5 grams or 1.2 ounces.
Internationally, both gold and silver reached their highest-ever prices on this Monday, while oil prices remained static due to concerns about the potential impact of a full-scale trade dispute between the U.S. and Europe on global growth and demand. Such worries have emerged from the unpredictability injected into global trade by President Donald Trump’s decision to impose tariffs on eight European countries, unless the U.S. is permitted to purchase Greenland. As stocks slip and the U.S. dollar weakens broadly, the market finds itself in a state of volatility.
“Hopes that the tariff situation has calmed down for this year have been dashed for now – and we find ourselves in the same situation as last spring,” stated chief economist Holger Schmieding of Berenberg.
In light of such circumstances, the safe-haven asset of gold has witnessed a significant surge, with a gain of over 1% on Monday, resulting in a new record of $4,689.39 per ounce. So far this January, the value of the precious metal has risen nearly 8%, following a substantial 64% gain last year.
What is the current surge in gold prices attributed to?
The surge is attributed to escalating global trade uncertainties, particularly between the U.S. and Europe, which have fuelled market volatility and boosted demand for safe-haven assets like gold.
How much has the price of gold increased in recent times?
The price of gold has risen nearly 8% in January alone, following a 64% increase last year.
How does the local gold price in Vietnam compare to the global rate?
The local gold prices in Vietnam are currently VND16.5 million per tael higher than the global average.
