Gold prices in Vietnam saw a decline on Wednesday, with the price of gold bars falling 0.54% to VND91.5 million (approximately $3,580.50) per tael. Gold rings followed suit, dropping to VND91.3 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. This price drop came as global gold rates edged higher in the same period.
Internationally, gold prices experienced a slight rebound on Wednesday after hitting a one-week low in the previous session. Spot gold rose 0.1% to $2,918.01 per ounce, recovering from a more than 2% decline on Tuesday. U.S. gold futures also gained 0.5%, reaching $2,932.50 per ounce.
The recent volatility in gold prices is partly driven by ongoing concerns about U.S. President Donald Trump’s tariff policies, which have dampened risk sentiment and increased demand for gold as a safe-haven asset. Kelvin Wong, Senior Market Analyst for Asia Pacific at OANDA, explained that the uncertainties surrounding Trump’s trade plans are fueling these price movements.
Further signs of U.S. consumer unease emerged as data revealed that U.S. consumer confidence had fallen sharply in February, marking its most significant drop in 3.5 years. Additionally, 12-month inflation expectations surged, signaling concerns about rising prices. The prospect of prolonged high inflation could pressure the Federal Reserve to maintain elevated interest rates, reducing the appeal of non-yielding gold.
Despite the recent dip, gold has benefited from fears that Trump’s tariffs could trigger a global trade war. These concerns have contributed to multiple record-high price surges for the metal, and gold has gained approximately 11% so far this year.
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