Gold prices in Vietnam have soared to a two-month high following a surge in global rates prompted by new import tariffs announced by the U.S. government.
On Saturday morning, gold bars from the Saigon Jewelry Company increased by 0.41% to reach VND121.5 million per tael (approximately US$4,652.59), marking the highest price since May 10. Meanwhile, gold rings saw a modest rise of 0.25%, ending the day at VND118.2 million per tael. Since the start of the year, gold prices have surged by an impressive 44%.
This recent climb is largely attributed to a global uptrend in gold prices, which rose over 1% on Friday. Investors are flocking to safe-haven assets in response to U.S. President Donald Trump’s announcement of new tariffs, prompting silver to reach its highest price in more than 13 years, according to Reuters.
Spot gold saw an increase of 1% to $3,356.93 per ounce, peaking earlier in the session at its highest level since June 24. U.S. gold futures closed at $3,371.20, up 1.4%.
The global equities market took a hit as President Trump intensified his tariff offensive against Canada, declaring a staggering 35% tariff on imports set to commence next month, with plans to apply blanket tariffs of 15% to 20% on most other trading partners.
“We are witnessing the return of the uncertainty premium to the market, leading to increased interest in gold as a safe haven,” explained Aakash Doshi, global head of gold strategy at State Street Global Advisors. He anticipates that gold prices will likely range between $3,100 and $3,500 in the third quarter, stating, “It’s been a remarkable first half of the year, and now we seem to be entering a phase of consolidation,” as reported by Reuters.
What factors are contributing to the rise in gold prices in Vietnam?
The surge in gold prices is primarily due to increased global rates following the announcement of new U.S. tariffs, which have led investors to seek safe-haven assets.
How much have gold prices increased since the beginning of the year?
Gold prices in Vietnam have risen by an astonishing 44% since the start of the year, reflecting a strong demand amid market uncertainty.
What are experts predicting for gold prices in the near future?
Analysts, including Aakash Doshi from State Street Global Advisors, suggest that gold prices are likely to range between $3,100 and $3,500 in the third quarter, indicating a phase of consolidation after a robust first half.
