Gold Prices Reach Historic Highs Amid Economic Concerns

Gold bar prices have soared by 1.14% to an unprecedented VND97.2 million per tael, setting a new record. A tael is equivalent to 37.5 grams or 1.2 ounces.

On a global scale, gold prices have surpassed the critical $3,000-mark for the second time in a week, driven by investors seeking refuge from economic uncertainties fueled by U.S. President Donald Trump's tariff policies, as reported by Reuters.

Spot gold experienced a 0.2% increase, reaching $3,008.08 an ounce after hitting a record high of $3,012.05 per ounce earlier in the session.

Gold's Role as a Safe-Haven Asset

Traditionally regarded as a hedge against geopolitical instability, gold has seen a remarkable 14% increase this year alone. Since President Trump's inauguration, gold has achieved record highs 14 times, with trade tensions amplifying the demand for safe-haven assets.

"The ascent of gold is propelled by a weaker dollar and ongoing tariff uncertainties... The record highs have triggered a surge in technical and chart-based buying, given the absence of resistance on the charts," explained Marex analyst Edward Meir.

Impact of Middle East Tensions

In related news, an Israeli air strike in Gaza resulted in the death of three Palestinians on Monday, with no progress in ceasefire negotiations between Israel and Hamas. "These developments could reignite tensions in the Middle East, further driving the demand for gold," stated Kyle Rodda, a financial market analyst at Capital.com.