Record-Breaking Gold Prices

Saigon Jewelry Company has reported a significant increase in gold bar rates, climbing by 0.16% to VND124 million (US$4,731.02) per tael. This marks a return to the record levels last seen on April 22, showcasing a 45% surge since the beginning of the year.

Global Gold Market Trends

Internationally, gold futures reached an all-time high following reports of the United States imposing tariffs on imports of 1-kg gold bars. Spot gold, although slightly down by 0.3% at $3,386.30 per ounce, is on track for its second consecutive weekly gain, fueled by tariff tensions and anticipation of U.S. interest rate cuts.

Impact of Tariffs on Gold Prices

The imposition of tariffs has led to a notable price disparity between New York futures and spot prices, exceeding $100. Experts like Brian Lan from GoldSilver Central in Singapore predict that these tariffs will disrupt settlement processes for major banks, affecting liquidity prices globally.