Gold prices in Vietnam saw a modest increase on Tuesday morning, with the price of gold bars rising by 0.66% to VND 91.6 million (approximately US$3,580.22) per tael. Similarly, the price of gold rings gained 0.66%, reaching VND 91.5 million per tael. In Vietnam, one tael is equivalent to 37.5 grams or 1.2 ounces. These gains in the local market come as Vietnamese consumers and investors show continued interest in gold, which is often considered a safe-haven asset during times of economic uncertainty.
However, the global gold market presented a contrasting trend on Tuesday, with prices edging lower as investors adopted a more cautious stance. The decline in global gold prices came as market participants braced for the imminent implementation of U.S. President Donald Trump’s tariffs on Canada, Mexico, and China, which were set to go into effect within hours. The looming trade tensions have created uncertainty in financial markets, leading investors to reduce their exposure to riskier assets.
According to Reuters, spot gold prices dropped by 0.3% to $2,885.40 per ounce, while U.S. gold futures decreased by 0.2%, falling to $2,895.40. The drop in global gold prices is part of a broader market correction that has raised concerns among traders and analysts about the short-term outlook for the precious metal.
Kyle Rodda, a financial market analyst at Capital.com, commented on the situation, stating that the recent pullback in gold prices was expected as part of a broader shakeout in the markets. He explained, “This pullback is part of a broader shake-out in markets that could drive prices into the $2,700s before the primary uptrend continues.” Rodda’s comments suggest that while gold prices have temporarily dipped, they may soon resume their upward trajectory once the initial effects of the trade tensions and market volatility subside.
Despite the global decline, the rise in Vietnamese gold prices reflects the ongoing demand for the precious metal in the local market. In Vietnam, gold is traditionally seen as a safe investment, particularly during times of economic instability or global uncertainty. The recent price increase in the Vietnamese gold market highlights the continued preference for gold as a store of value, even as global gold prices face some downward pressure.
As the situation develops, analysts are keeping a close watch on both global and domestic factors that could influence gold prices in the coming days and weeks. With the implementation of U.S. tariffs and ongoing trade disputes, the future direction of the gold market remains uncertain, but many experts predict that gold will continue to be a key asset in times of geopolitical and economic stress.
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