Gold Prices Reach New Heights

Saigon Jewelry Company reported a significant increase in gold prices, with a rise of 2.92% to VND123.3 million (US$4,746.88) per tael, marking the highest level since April 22. Similarly, gold rings saw an increase of 2.25%, reaching VND118 million per tael.

Year-to-Date Performance

Since the beginning of the year, gold prices have surged by an impressive 46%, showcasing its strength as a safe-haven asset during times of economic uncertainty.

Regulatory Revisions in Vietnam

The State Bank of Vietnam has announced plans to revise regulations governing the gold market. These changes aim to streamline procedures and enhance inspections and audits of gold trading businesses to prevent violations and ensure market integrity.

Global Gold Market Trends

On the global stage, gold prices also climbed to a two-week high, driven by concerns over U.S. President Donald Trump's tariff plans and anticipation surrounding the Federal Reserve's upcoming policy meeting. Spot gold increased by 1.4% to $3,380.92 an ounce, reaching its highest point since April 22.

"Investors are turning to gold as a hedge against portfolio volatility amidst renewed tariff concerns," noted IG market strategist Yeap Jun Rong. He added, "Dovish signals from the Fed could further bolster gold's upward trajectory."