Unprecedented Highs in Gold Prices

In a remarkable turn of events, the Saigon Jewelry Company has reported a significant increase in gold bar prices, reaching a historic peak of VND96.1 million (US$3,763.83) per tael. This marks a 0.31% rise, setting a new benchmark in the market. Similarly, gold ring prices have soared to VND96.8 million per tael, up by 0.62% from last week's record.

Global Gold Market Dynamics

On the global stage, gold prices have shown resilience, climbing to new heights amidst geopolitical tensions and trade uncertainties. Spot gold experienced a slight increase of 0.1%, reaching $2,986.53 an ounce, following a record high of $3,004.86 last Friday. U.S. gold futures, however, saw a minor dip of 0.2% to $2,994.60.

Kelvin Wong, a senior market analyst at OANDA, attributes this rally to stagflationary fears, suggesting that the short-term outlook remains positive with potential resistances at $3,016 or $3,030. The U.S. consumer sentiment has hit a nearly 2-1/2-year low, with inflation expectations on the rise due to President Donald Trump's tariff policies, which have sparked a trade war and raised concerns over economic stability.

Gold as a Safe Haven

Amid these turbulent times, gold continues to serve as a reliable hedge against political risks and inflation, with a notable 14% increase in value so far in 2025. This trend underscores the metal's enduring appeal to investors seeking stability in uncertain markets.