Gold Soars to 2-Week Peak in International Edition (English)

On Thursday, Vietnam’s gold prices remained near an all-time high reached approximately two weeks prior, as international rates increased due to inflation concerns.

The gold bar from Saigon Jewelry Company increased by 0.41%, now priced at VND122.7 million per tael. It should be noted that one tael equates to 37.5 grams or approximately 1.2 ounces.

The highest historical point achieved on April 22 stood at VND124 million.

The gold ring remained steady 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 attributed the rise in gold prices, as stated in a recent report to the National Assembly, to anticipated global price hikes, influenced significantly by U.S. tariff strategies. Additionally, they mentioned that a constrained availability of gold bars throughout this year has played a role in driving up these costs.

The bank has not ruled out the idea that certain businesses or people might be exploiting market fluctuations for speculative trades, price fixing, or profit-seeking activities.

To tackle these problems, the central bank disclosed intentions to amend the present regulation overseeing the gold market for simplification purposes. Additionally, they committed to collaborating with various government departments to enhance scrutiny and examination of gold trade companies and retail stores, ensuring swift identification and rectification of infractions or loopholes in regulations.

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.

Spot gold rose 1.4% to $3,409.76 an ounce. U.S. gold futures firmed 0.7% to $3,416.70.

The steadfast gold bars, serving as a bulwark against economic and political upheavals, flourish when interest rates are low.

I believe it’s primarily a slight decrease in frontend returns following the Federal announcement,” observed Kyle Rodda, a financial markets analyst at Capital.com. He added that the ‘wait and see’ approach seemed sufficient for the time being and noted the more aggressive stance taken by Trump regarding trade talks with China.

It touches upon two main topics: slower economic growth in the U.S. and the move away from the use of the dollar.