Gold Price Soars to Unprecedented High
The price of a Vietnam gold ring surged by 0.83%, reaching an all-time high of VND96.8 million ($3,789.17) per tael on Tuesday morning.
The price of gold bars increased by 1.14%, reaching VND97.2 million per tael, which is another all-time high. It’s worth noting that one tael equates to approximately 37.5 grams or 1.2 ounces.
Worldwide, gold prices reached an all-time high surpassing the key $3,000 level on Tuesday for the second time in just seven days. This surge occurred as investors looked for protection amid economic worries triggered by U.S. President Donald Trump’s tariff strategies. Reuters reported.
Bullion spot gold increased by 0.2%, trading at $3,008.08 an ounce following its peak of $3,012.05 per ounce during the session.
Traditionally seen as a safeguard during geopolitical uncertainties, gold has surged over 14 percent this year. Ever since President Trump assumed office in January, gold prices have reached all-time highs on fourteen occasions due to escalating trade frictions increasing the appeal of safe havens.
"Gold prices are rising due to a declining US dollar and ongoing uncertainty about tariffs... As gold reaches all-time peaks, significant technical and chart-driven purchases occur because there appear to be no obstacles indicated on the charts," explained Marex analyst Edward Meir.
On Monday, an Israeli airstrike resulted in the deaths of three Palestinians in Gaza, according to medical sources. Meanwhile, there were no indications of advancements in the ongoing discussions aimed at maintaining a truce between Israel and Hamas.
"Israeli airstrikes might reignite tensions across the Middle East, potentially adding another factor to the list driving up gold prices," noted Kyle Rodda, a financial markets analyst at Capital.com.