Gold prices edge up as global rates hover near record highs

Gold ring price gaiend 0.45% to VND90.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices firmed on Monday, and hovered near a record high hit in the previous session, as investors sought refuge in the safe-haven asset after U.S. President Donald Trump's decision to impose fresh tariffs sparked concerns of a global trade war, Reuters reported.

Spot gold was up 0.3% at $2,868.66 per ounce, after hitting a record high of $2,886.62 on Friday. U.S. gold futures rose 0.2% to $2,894.00.

"Global trade tension is still pretty much at play and could drive gold prices to $2,900 to $2,910 level in the near term," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.

"I don't see any high probability of a correction yet at this juncture, unless we start to see a kind of a very strong U.S. dollar push up."

Gold is considered a safe investment during economic and financial turmoil, but higher interest rates reduce the non-yielding asset's appeal.