Vietnam Gold Prices Hold Firm

In Vietnam, the Saigon Jewelry Company gold bar price remained steady at VND121.5 million (US$4,651.52) per tael, with gold rings priced at VND117.5 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Prices Rise

Globally, gold prices climbed to a three-week high, driven by safe-haven demand following U.S. President Donald Trump's threats to impose tariffs on the European Union and Mexico. Spot gold increased by 0.4% to $3,367.89 per ounce, reaching its highest level since June 23. U.S. gold futures also saw a 0.4% rise to $3,378.20.

Impact of Trump's Tariff Threats

President Trump announced plans to impose a 30% tariff on most imports from the EU and Mexico starting August 1, escalating tensions and prompting investors to seek refuge in gold. "Trump's tariff threats are bolstering demand for safe-haven assets, with gold being the primary beneficiary," stated UBS commodity analyst Giovanni Staunovo.