Gold Prices Experience a Significant Surge

In a remarkable turn of events, gold prices have seen a substantial increase, with gold ring prices jumping to VND90.9 million per tael. It's noteworthy that a tael is equivalent to 37.5 grams or 1.2 ounces.

Global Market Reactions

On the global stage, gold prices ascended on Monday, buoyed by a weaker dollar. The delay in achieving peace in Ukraine, coupled with apprehensions surrounding U.S. tariff policies, has significantly fueled the demand for gold as a safe-haven asset, as reported by Reuters.

Spot gold witnessed a 0.3% climb to $2,866.76 an ounce, while U.S. gold futures saw a 1.1% rise to $2,880.50.

Impact of the Dollar and Geopolitical Risks

The dollar index retreated from a more than two-week high, making gold more affordable for holders of other currencies. Kelvin Wong, a senior market analyst at OANDA for the Asia Pacific region, highlighted that the early bullish trend in gold prices in Asia was likely driven by geopolitical risks, particularly the postponed peace agreement between Ukraine and Russia.

The recent meeting between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump, which ended unfavorably, has added to the financial markets' uncertainty, already rattled by weakening economic indicators and the volatility of U.S. trade policies.

Adding to the tension, U.S. Commerce Secretary Howard Lutnick announced that tariffs on Canada and Mexico would be implemented on Tuesday, with President Trump to decide on maintaining the proposed 25% tariff level.