Record Highs in Gold Prices

In a remarkable surge, the Saigon Jewelry Company reported a 0.8% increase in gold bar prices, reaching VND101.5 million (US$3,968.72) per tael. Similarly, gold ring prices climbed by 1.2% to VND101.6 million per tael, marking a historic peak.

Global Gold Market Reacts

On the international front, gold prices soared to an all-time high, surpassing the $3,100 mark. This spike is attributed to growing investor concerns over potential global trade wars and economic instability, fueled by U.S. President Donald Trump's impending tariff announcements.

Spot gold witnessed a 0.6% rise to $3,103.63 an ounce, after peaking at $3,107.26 earlier. March saw an impressive 8% increase in bullion prices, underscoring gold's appeal as a safe-haven asset.

Upcoming Tariff Decisions

With reciprocal tariffs expected to be announced on April 2 and auto tariffs commencing on April 3, the market's anxiety is palpable. Gold, traditionally a hedge against uncertainty, has seen an 18% rise this year, prompting banks to adjust their 2025 gold price forecasts upwards.

"The anticipation of U.S. tariff announcements has heightened market anxiety, sustaining gold's demand as a defensive strategy," noted Tim Waterer, KCM Trade chief market analyst. He also cautioned that less severe tariff announcements could lead to profit-taking and a potential dip in gold prices.