Gold prices soared to historic highs on Wednesday, with both gold bars and rings seeing significant price increases as global markets maintained strong momentum following a rise in the previous session.
The price of a Saigon Jewelry Company gold bar climbed 0.3%, reaching VND93.3 million (approximately $3,662.77) per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. Meanwhile, the price of gold rings hit a new peak of VND93.8 million per tael.
On the global stage, gold prices held steady on Wednesday as markets awaited key U.S. inflation data, which could provide insights into the Federal Reserve’s interest rate decisions amid concerns over trade tensions and potential economic slowdowns. Attention is also focused on the ongoing conflict in Ukraine, with hopes for a potential ceasefire deal, according to Reuters.
Spot gold remained flat at $2,916.69 an ounce, while U.S. gold futures saw a slight uptick of 0.1%, reaching $2,922.30. Both figures had previously gained 1% and 0.7% on Tuesday.
KCM Trade’s chief market analyst, Tim Waterer, noted that gold is currently in a “consolidation mode” as investors await the next round of U.S. inflation data. Should inflationary pressures push the Federal Reserve to maintain higher interest rates, gold could lose some of its appeal as a non-yielding asset.
The ongoing trade tensions, particularly those arising from U.S. President Donald Trump’s tariffs, have been widely anticipated to drive inflation and economic uncertainty, contributing to gold’s recent surge to a record high of $2,956.15 on February 24.
Despite potential challenges, Waterer believes gold will remain a favored asset, particularly as investors continue to navigate concerns over tariff disputes and slowing economic growth. “The bias for gold remains to the upside due to ongoing tariff dramas,” he said.
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