Gold Prices Hit Record Highs

Saigon Jewelry Company reported a 0.3% increase in bar prices, reaching VND93.3 million (US$3,662.77) per tael. Notably, a tael is equivalent to 37.5 grams or 1.2 ounces.

In a parallel development, gold ring prices also soared to a historic peak of VND93.8 million per tael.

Global Gold Market Trends

On the global stage, gold prices remained steady on Wednesday, as investors awaited key U.S. inflation data. This data is crucial for understanding the Federal Reserve's interest rate trajectory amidst ongoing trade tensions and fears of an economic slowdown. Additionally, the market's attention is riveted on potential ceasefire developments in Ukraine, as reported by Reuters.

Spot gold was stable at $2,916.69 an ounce, while U.S. gold futures saw a slight increase of 0.1% to $2,922.30. These figures follow a 1% and 0.7% rise on Tuesday, respectively.

Expert Insights on Gold's Appeal

"Gold is currently in 'consolidation mode' ahead of the upcoming U.S. inflation data," stated KCM Trade chief market analyst Tim Waterer. He further explained that if escalating price pressures compel the Fed to maintain higher interest rates, gold's attractiveness might wane due to its nature as a non-yielding asset.

Amidst these developments, U.S. President Donald Trump's tariffs are anticipated to fuel inflation and economic uncertainty, pushing gold to a record high of $2,956.15 on February 24.

"I anticipate gold to remain a favored asset as long as investors are worried about tariff wars and growth slowdowns. Thus, the ongoing tariff dramas suggest a continued upward bias for gold," Waterer added.