Gold Prices Take a Dip

After reaching a staggering high of VND100.4 million per tael on Thursday morning, gold prices have seen a significant drop. A tael, equivalent to 37.5 grams or 1.2 ounces, now stands at a lower value, marking a notable shift in the market.

Global Gold Trends

Globally, gold was on track for a third consecutive week of gains, bolstered by the Federal Reserve's hints at rate cuts and increased safe-haven demand amidst geopolitical and economic uncertainties. However, spot gold eased by 0.3% to $3,034.09 an ounce, after hitting an all-time high of $3,057.21 per ounce on Thursday.

Factors Influencing Gold Prices

A combination of tariff uncertainties, rate cut expectations, and renewed tensions in the Middle East have propelled gold to new heights this year, achieving 16 record highs, with four surpassing the crucial $3,000 mark. As a non-yielding metal, gold serves as a hedge against geopolitical and economic turbulence, thriving in a low-interest-rate environment.

Market Analysts' Perspectives

"I don't think we even need to see a trigger per se for gold to hit another record high. All the fundamentals are there for it to keep trending higher," said Kyle Rodda, a financial market analyst at Capital.com. He also mentioned the likelihood of a pullback to the $3,000s for a brief recharge before continuing the uptrend.