Gold Prices Soar in Vietnam

Saigon Jewelry Company reported a significant increase in gold bar prices, rising by 0.59% to VND102.4 million (US$3,976.71) per tael. This marks a 21.6% increase since the beginning of the year, with prices reaching several new peaks.

Global Gold Market Reacts

On the global stage, gold prices continued to climb, nearing all-time highs. This surge is attributed to safe-haven investments following U.S. President Donald Trump's announcement of reciprocal tariffs, escalating trade tensions worldwide.

Spot gold increased by 0.6% to $3,129.46 an ounce, while U.S. gold futures rose by 0.6% to $3,166.20.

Expert Insights

"The reciprocal tariffs are much more aggressive than expected, which should lead to asset market selloffs and a lower dollar," commented Tai Wong, an independent metals trader. He added, "Gold's prospects are excellent here with $3,200 the new short-term target."

Trump's Tariff Announcement

President Trump unveiled plans to impose a 10% baseline tariff on all U.S. imports, with higher duties for major trading partners. This move intensifies the trade war initiated upon his return to the White House.

A poster displayed by Trump outlined reciprocal tariffs, including 34% on China and 20% on the European Union, retaliating against duties on U.S. goods.