Gold prices in Vietnam increased on Monday morning, following a rise in global gold rates.
The Saigon Jewelry Company reported that the price of gold bars went up by 0.68%, reaching VND119.3 million (US$4,597.04) per tael. Meanwhile, the price of gold rings rose by 0.44% to VND114.5 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.
Worldwide, gold prices climbed on Monday. This was due to a weaker U.S. dollar and renewed trade tensions. The tensions were sparked after U.S. Treasury Secretary Scott Bessent reaffirmed President Donald Trump’s threat to impose tariffs. These factors increased demand for gold as a safe-haven asset, according to Reuters.
Spot gold rose by 0.7%, reaching $3,223.55 per ounce. U.S. gold futures also increased by 1.3%, hitting $3,228.70 per ounce.
On Friday, gold prices fell more than 2%, recording their worst week since last November. This decline was linked to increased market optimism following progress in the U.S.-China trade agreement.
The dollar weakened on Monday. This made gold cheaper for buyers using other currencies.
Tim Waterer, Chief Market Analyst at KCM Trade, said the recent downgrade of the U.S. credit rating by Moody’s and the resulting market caution helped push gold prices higher.
Waterer added, “We might see a rate cut by the Federal Reserve in July or September. However, the outcome of Trump’s trade talks could influence when the Fed decides to lower rates.”
Gold is often seen as a safe investment during times of political and economic uncertainty. It tends to perform well when interest rates are low.
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