Gold Ring Price Jumps Close to Previous Peak

The price of gold rings surged by 1.93% to VND100.6 million per tael, nearing its earlier peak of VND100.7 million. A tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Prices Hit Record High

On Friday, global gold prices reached a record high as fears of an intensifying global trade war, spurred by fresh tariff plans from U.S. President Donald Trump, drove investors towards the safe-haven precious metal, according to Reuters.

Spot Gold and Bullion Performances

Spot gold increased by 0.6% to $3,074.31 an ounce, after reaching an all-time high of $3,077.44 earlier in the session. Bullion has seen a 1.7% rise this week, marking its fourth consecutive weekly gain. U.S. gold futures also rose by 0.8% to $3,084.70.

Expert Analysis on Gold's Surge

"Gold has the wind at its back at the moment. U.S. trade policy, U.S. fiscal policy, geopolitics, and a growth slowdown - everything is blowing in gold's direction," said Kyle Rodda, a financial market analyst at Capital.com. He noted that $3,100/oz is the next significant milestone for gold prices.

Factors Fueling Gold's Rise

The surge in gold prices past the $3,000/oz milestone has been fueled by uncertainty surrounding tariffs, potential interest rate cuts, geopolitical conflicts, and central bank purchases.

Upcoming Reciprocal Tariffs

President Trump is scheduled to implement reciprocal tariffs on April 2, a move that could exacerbate inflation, hinder economic growth, and escalate trade disputes.

Gold as a Safe Haven

Traditionally viewed as a hedge against economic and political instability, gold thrives in environments with low-interest rates.