Gold Prices Reach New Heights

Saigon Jewelry Company reports a significant rise in gold bar prices, now at VND101.9 million (US$3,917.73) per tael, nearing its historic peak. Gold rings have also seen a sharp increase, reaching VND102 million per tael.

Global Gold Market Trends

Internationally, gold prices have strengthened as investors turn to safe-haven assets following the implementation of U.S. President Donald Trump's "reciprocal" tariffs. A weaker dollar and anticipation of U.S. rate cuts further bolster gold's appeal.

Spot gold climbed to $3,047.68 an ounce, while U.S. gold futures advanced to $3,066.20.

Economic Implications

The introduction of tariffs, including a 104% duty on Chinese goods, has escalated fears of a global trade war and recession. In response, China is convening high-level meetings and its central bank has advised state lenders to limit dollar purchases.

Analysts, including UBS's Giovanni Staunovo, predict gold prices could rise to $3,200/oz in the coming months, driven by trade war concerns and expectations of Fed rate cuts.

With 60% of traders expecting rate cuts by May, gold's allure as a zero-yield asset in a low-interest environment is undeniable. The metal has already surpassed last year's gains, reaching a record $3,167.57 on April 3.