Gold prices soared to new all-time highs on Friday, as rising concerns over U.S. trade policies under President Donald Trump sent investors flocking to the safe-haven metal. In Vietnam, Saigon Jewelry Company’s gold bar price surged by 1.52% to VND100.4 million (US$3,925.71) per tael, matching the previous record reached on March 20. Similarly, the price of gold rings rose by 1.93% to VND100.6 million per tael, nearing its prior peak of VND100.7 million. A tael equals 37.5 grams or 1.2 ounces.
On the global market, spot gold climbed 0.6% to $3,074.31 per ounce, after briefly reaching an all-time high of $3,077.44. U.S. gold futures rose 0.8% to $3,084.70. The yellow metal has now gained 1.7% this week, positioning itself for a fourth consecutive weekly increase.
Factors Driving Gold’s Surge
The latest surge in gold prices comes amid fresh tariff plans announced by U.S. President Donald Trump. The potential for escalating trade wars has spurred fears of economic slowdown and inflation, prompting investors to seek the security of gold. Trump’s announcement of reciprocal tariffs, which will take effect on April 2, has added to uncertainty about the global trade environment.
Kyle Rodda, a financial market analyst at Capital.com, stated, “Gold has the wind at its back at the moment. U.S. trade policy, U.S. fiscal policy, geopolitics, and a growth slowdown – everything is blowing in gold’s direction.” Rodda pointed out that $3,100 per ounce is now the next major milestone for gold prices, given the current geopolitical and economic climate.
The combination of rising tariffs, geopolitical instability, the potential for interest rate cuts, and increased central bank buying has created a perfect storm for gold, driving its price beyond the $3,000 per ounce threshold. Historically, gold has thrived during periods of low interest rates and economic and political instability, which makes it an attractive investment option when global tensions rise.
Outlook for Gold
As trade tensions escalate and inflationary pressures mount, gold remains a key asset for those looking to hedge against economic and political risks. With the potential for further interest rate cuts and additional trade conflicts, many analysts believe gold could continue its upward momentum, with the $3,100 level now firmly in sight.
As global uncertainty continues to rise, gold’s appeal as a store of value and a safe-haven investment is only expected to grow stronger, suggesting that prices may continue to climb in the coming months.
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