Gold prices have surged to new historic highs in both Vietnam and globally, driven by rising economic concerns and geopolitical instability. On Tuesday morning, the price of a gold ring in Vietnam jumped 0.83%, reaching a record VND96.8 million (approximately $3,789.17) per tael. Meanwhile, the price of gold bars also set a new record, rising 1.14% to VND97.2 million per tael. In Vietnam, a tael is equivalent to 37.5 grams or 1.2 ounces.
Globally, gold prices followed suit, surpassing the critical $3,000 mark for the second time within a week. Spot gold was up 0.2%, trading at $3,008.08 an ounce, after peaking earlier in the session at $3,012.05.
Gold, traditionally seen as a safe-haven asset, has risen more than 14% this year alone. Since U.S. President Donald Trump’s inauguration in January, gold has reached record highs 14 times, largely driven by escalating trade tensions and growing concerns over his tariff policies.
“Gold is moving higher on account of a weaker dollar and continued tariff uncertainties. With gold at record highs, there is a lot of technical and chart-based buying that kicks in, as there is no apparent resistance on the charts,” said Edward Meir, an analyst at Marex.
In addition to trade worries, geopolitical tensions have also played a significant role in pushing gold higher. On Monday, an Israeli airstrike in Gaza killed three Palestinians, further escalating the conflict and complicating efforts to extend a ceasefire between Israel and Hamas.
“These Israeli airstrikes could reignite tensions in the Middle East, adding another factor to the list of drivers pushing gold higher,” noted Kyle Rodda, a financial market analyst at Capital.com. As a result, the market’s demand for gold as a hedge against uncertainty continues to grow, pushing prices to new record levels.
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