Gold Prices on the Rise

Saigon Jewelry Company gold bar experienced a significant increase, rising by 1.51% to VND121.3 million (US$4,668.98) per tael. Notably, a tael is equivalent to 37.5 grams or 1.2 ounces.

Market Trends

The price of gold rings also saw an uptick, gaining 1.3% to VND116.5 million per tael. This marks a 44% increase since the beginning of the year, highlighting the metal's robust performance in the current market.

Global Gold Market

On the international front, gold prices dipped on Tuesday as easing trade tensions between the U.S. and its partners reduced the metal's appeal as a safe-haven asset. Spot gold fell 0.4% to $3,329.12 an ounce, while U.S. gold futures dropped 0.2% to $3,342.40.

Expert Insights

"The risk environment has clearly improved recently, with market participants buoyed by optimism that the worst of the trade tensions may be behind us amid encouraging rhetoric around trade deals," commented IG market strategist Yeap Jun Rong.

Economic Outlook

Despite the current optimism, risks of a global recession remain high, with many economists pointing to the damaging impact of Trump's tariffs on business sentiment. Yeap Jun Rong also noted, "Longer-term structural tailwinds for gold prices are likely to keep the broader upward trend intact, supported by room for ongoing reserve diversification among emerging market central banks."