Gold Market Update

Saigon Jewelry Company gold bar saw a slight increase of 0.41%, reaching VND122 million (US$4,696.19) per tael. Meanwhile, the gold ring remained stable at VND116.6 million per tael. It's noteworthy that a tael is equivalent to 37.5 grams or 1.2 ounces.

Year-to-Date Performance

Since the beginning of the year, gold prices have surged by nearly 45%, showcasing its strong performance amidst global economic uncertainties.

Global Gold Trends

On the global stage, gold experienced a 1% rise on Friday, influenced by a weaker dollar and ongoing discussions about tariffs by U.S. President Donald Trump. This comes ahead of crucial talks between the U.S. and China, as reported by Reuters.

Spot gold climbed 1.1% to $3,340.29 an ounce, marking a 3.1% increase over the week. Known for its role as a hedge against geopolitical and economic uncertainties, bullion has appreciated by more than 27% since the year's start.

Expert Insights

David Meger, director of metals trading at High Ridge Futures, commented, "The ongoing uncertainty surrounding tariffs continues to be the primary support for gold. However, we're adopting a more cautious stance compared to previous months, anticipating a potential period of consolidation or retracement."