Gold prices hit a new all-time high in Vietnam on Monday morning, as global rates also peaked.
The price of a gold bar from Saigon Jewellery Company rose 0.8% to VND101.5 million (US$3,968.72) per tael. One tael is equivalent to 37.5 grams or 1.2 ounces.
The price of a gold ring rose 1.2% to VND101.6 million per tael, also a historic peak.
Globally, gold hit an all-time high on Monday, surpassing the $3,100 mark, as investors turned to the safe-haven asset amid concerns that US President Donald Trump’s tariff plans would spark a global trade war and economic downturn, Reuters reported.
Spot gold rose 0.6% to $3,103.63 an ounce after earlier hitting a record high of $3,107.26. Bullion has gained more than 8% in March. Trump is expected to announce reciprocal tariffs on April 2, while auto tariffs would begin on April 3. Gold, traditionally seen as a hedge against political and economic uncertainty, has gained more than 18% this year. Bullion’s rally has prompted several banks to raise their gold price forecasts for 2025.
“The level of anxiety in markets ahead of reciprocal U.S. tariff announcements is increasing, which has kept gold in demand as a defensive play,” said Tim Waterer, chief market analyst at KCM Trade.
“If tariff announcements this week are not as severe as feared, gold prices could begin to fall as profit-taking takes place from higher levels.”
