Gold Prices in Vietnam Reach New Heights

Saigon Jewelry Company gold bar saw a significant increase of 0.41%, reaching VND121.5 million per tael (US$4,652.59), marking the highest price since May 10. Similarly, gold ring prices rose by 0.25% to VND118.2 million per tael.

Global Economic Tensions Fuel Gold's Appeal

Gold has experienced a remarkable surge of 44% since the beginning of the year. Globally, gold prices climbed more than 1% on Friday, as investors turned to safe-haven assets following U.S. President Donald Trump's announcement of new tariffs. Silver also reached its highest level in over 13 years.

Market Reactions and Expert Insights

Spot gold increased by 1% to $3,356.93 per ounce, while U.S. gold futures closed up 1.4% at $3,371.20. The global stock market dipped after Trump's tariff announcements. Aakash Doshi, global head of gold strategy at State Street Global Advisors, commented on the uncertainty premium returning to the market, boosting gold's safe-haven status.

Doshi predicts a consolidation phase in the third quarter, with gold prices likely fluctuating between $3,100 and $3,500. This follows a strong performance in the first half of the year.