On Tuesday morning, gold prices in Vietnam surged to their highest level in two weeks.
The gold price at Saigon Jewelry Company increased by 2.92%, reaching VND123.3 million (US$4,746.88) per tael, which is the highest since April 22.
The price of a gold ring increased by 2.25%, reaching VND118 million per tael.
The price of gold has increased by 46% since the start of the year.
In a recent submission to the National Assembly, the State Bank of Vietnam announced its intention to amend a decree governing the gold market in order to simplify processes. Additionally, they plan to collaborate with various government departments to enhance oversight and examination of gold trading entities and retail outlets, with the objective of promptly identifying and rectifying any gaps or infringements.
Worldwide, the price of gold climbed to its highest point in two weeks due to worries about U.S. President Donald Trump’s proposed tariffs, which increased demand for safe-haven assets like precious metals. Meanwhile, investors remained closely watchful ahead of the forthcoming Federal Reserve policy meeting.
Reuters
reported.
Spot gold increased by 1.4% to reach $3,380.92 per ounce, following a peak that marked its highest point since April 22 during the trading session.
“Gold prices experienced a significant surge at the beginning of this week as investors turned to the safe-haven asset to protect their portfolios from volatility due to fresh tariffs announced by U.S. President Donald Trump,” explained IG market analyst Yeap Jun Rong.
“Dovish signals might offer additional backing for gold, bolstering its overall upward trend,” Rong stated.
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