Gold Prices Soar in Vietnam

In a significant uptick, the Saigon Jewelry Company gold bar increased by 0.19% to VND107.7 million (US$4,157.10) per tael, with a tael equating to 37.5 grams or 1.2 ounces. Similarly, gold rings saw a sharper rise of 0.38%, reaching VND105.5 million per tael.

Global Gold Market Trends

On the international front, gold prices strengthened, with spot gold climbing 0.4% to $3,221.70 an ounce, following a record high of $3,245.42 the previous day. This surge is attributed to ongoing uncertainties surrounding U.S. President Donald Trump's tariff plans and their potential global economic impact.

Investors Turn to Defensive Assets

"Gold continues to firm today... on ongoing investors' demand for defensive assets to mitigate portfolio volatility as the U.S. seems to be setting the stage for more tariffs to come," stated IG market strategist Yeap Jun Rong. The upward trend in gold prices is expected to persist as long as tariff uncertainties linger.

Revised Forecasts Signal Strong Demand

Goldman Sachs has revised its end-2025 gold price forecast upwards to $3,700 per ounce from $3,300, citing stronger-than-expected demand from central banks and increased exchange-traded fund inflows due to looming recession risks.