Gold prices in Vietnam saw a slight increase on Monday morning, driven by a global surge in bullion rates. The price of gold bars rose by 0.33% to VND90.6 million (approximately US$3,560.97) per tael, while the price of gold rings also gained 0.33%, reaching VND90.4 million per tael. One tael is equivalent to 37.5 grams, or roughly 1.2 ounces.
Global Market Trends
The rise in gold prices was part of a broader global trend, with spot gold climbing 0.6% to $2,899.73 per ounce. The metal reached an all-time high of $2,942.70 on February 11. Meanwhile, U.S. gold futures gained 0.4%, trading at $2,912.50.
This increase comes as the U.S. dollar weakened amid investor uncertainty surrounding U.S. President Donald Trump’s upcoming tariff plans, which have the potential to escalate global trade tensions. The dollar index lingered near a two-month low, following weaker-than-expected U.S. economic data. A weaker dollar makes gold more affordable for international buyers, thus boosting demand.
Geopolitical Factors and Market Outlook
Looking ahead, gold prices may continue to benefit from global uncertainty. Senior U.S. officials are set to begin peace talks with Russian and Ukrainian negotiators in Saudi Arabia, which could influence the market. Tim Waterer, Chief Market Analyst at KCM Trade, noted that if peace talks lead to a resolution of the war, demand for gold as a safe-haven asset might decline. However, ongoing concerns about tariffs and inflation could keep gold prices buoyant even if safe-haven demand eases.
As the global economic and geopolitical landscape evolves, gold remains a key asset for many investors looking for stability in uncertain times.
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