On Thursday, Vietnam’s gold prices remained near an all-time high reached approximately two weeks prior. This stability occurred as global rates increased, accompanied by inflationary concerns.
The Saigon Jewelry Company’s gold kafe increased by 0.41%, reaching VND122.7 million per tael. It should be noted that one tael is equivalent to 37.5 grams or approximately 1.2 ounces.
The highest historical point achieved on April 22 stood at VND124 million.
Gold ring was stable at VND118.1 million per tael.
The cost of gold in Vietnam has risen by approximately 46% since the start of the year.
The State Bank of Vietnam has connected the rise in gold prices, as mentioned in a recent report submitted to the National Assembly, to anticipated future global hikes. This increase is partially due to U.S. tariff policies. The bank also pointed out that a restricted availability of gold bars throughout this year has played a role in driving up these prices.
The bank didn’t rule out the idea that certain businesses or people might be exploiting market fluctuations for speculative trades, price fixing, or making excessive profits.
To address these issues, the central bank announced plans to revise the current decree governing the gold market to simplify procedures. It also pledged to work with other ministries to intensify inspections and audits of gold trading firms and retail outlets to quickly detect and correct violations or regulatory gaps.
Worldwide, gold prices increased on Thursday following warnings from the Federal Reserve about escalating inflation and potential threats to the labor market, which added to economic uncertainties. Meanwhile, investors were closely watching the outcomes of the upcoming U.S.-China trade discussions over the weekend.
Reuters
reported.
Bullion climbed as spot gold increased by 1.4% to reach $3,409.76 per ounce. Meanwhile, U.S. gold futures strengthened by 0.7%, settling at $3,416.70.
The unwavering precious metals act as a bulwark against political and economic upheavals, flourishing particularly when interest rates are low.
“I believe it’s largely due to a minor decrease in front-end returns following the Federal Reserve meeting. The ‘wait and see’ approach seemed sufficient for now, along with President Trump’s more aggressive stance on trade talks with China,” stated Kyle Rodda, a financial market analyst at Capital.com.
It touches upon two main themes: reduced economic growth in the U.S. and the move away from the use of the dollar.