A person holds a gold bar at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price rose to a 2.5-month high while global bullion rates hit an 11-week peak on Wednesday morning.
Saigon Jewelry Company gold bar price gained 0.57% to VND88 million (US$3,492.06) per tael, its highest since early last November. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price climbed 0.69% to VND87.5 million per tael.
Globally, gold prices climbed to a fresh 11-week peak on Wednesday, boosted by safe haven demand amid uncertainty surrounding U.S. President Donald Trump’s trade policies and a softer dollar, Reuters reported.
Spot gold added 0.1% to $2,748.18 per ounce after hitting its highest since Nov. 5, 2024 earlier in the session. U.S. gold futures gained 0.1% to $2,762.90.
“There is still some uncertainty regarding when Trump wants to implement his policies on major trading partners of the U.S., causing a lot of uncertainty in direction of dollar, which is the primary short-term catalyst driving bullish tone in gold price,” said Kelvin Wong, OANDA’s senior market analyst for Asia Pacific.
Trump held back from imposing trade barriers on his first day in office on Monday, pushing the dollar lower.
A weaker dollar makes gold more attractive for foreign buyers. Gold is considered a safe investment during economic and geopolitical uncertainty.
Gold’s appeal as an inflation hedge may be diminished if Trump’s policies, which are seen as inflationary, lead the Federal Reserve to maintain interest rates higher for longer.
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