Gold Bar and Ring Prices Show Modest Gains

In a recent update, the Saigon Jewelry Company reported a 0.17% increase in gold bar prices, reaching VND121 million (US$4,634.24) per tael. Meanwhile, gold ring prices remained steady at VND116.7 million per tael. It's noteworthy that a tael equals 37.5 grams or 1.2 ounces.

Global Gold Market Reacts to Trade Policies

The global gold market experienced a slight uptick following U.S. President Donald Trump's announcement of new tariffs on Canadian imports and broader tariff threats to other trading partners. However, the potential for significant gains was limited by a stronger dollar amidst growing signs of turmoil in the global trade landscape, as reported by Reuters.

Spot gold saw a 0.3% rise to $3,332.73 per ounce, while U.S. gold futures added 0.5% to $3,343.70. All newly announced tariffs are set to take effect on Aug. 1.

Investor Sentiment and Market Analysis

"Despite the escalation in Trump's tariff wars, gold hasn't received the expected boost. This is likely due to investors becoming more accustomed to both the tariff narrative and Trump's policy-making style," commented KCM Trade Chief Market Analyst Tim Waterer.

The U.S. dollar index is poised for its best weekly performance since late February, making gold more expensive for international buyers. Historically, gold is considered a safe-haven asset during periods of economic uncertainty and tends to perform well in low-interest-rate environments.