Gold prices plunge as global rates edge up

Gold ring price similarly slid to VND91.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices inched higher on Wednesday after hitting a one-week low in the previous session, as uncertainties stemming from U.S. President Donald Trump's tariff plans dampened risk appetite and boosted demand for safe-haven bullion, Reuters reported.

Spot gold was up 0.1% at $2,918.01 an ounce, after falling more than 2% on Tuesday. U.S. gold futures rose 0.5% to $2,932.50.

Trump tariff concerns, which are causing this rather lackluster state of confidence in the U.S. economy from a consumer side of the mindset, are supporting gold, said Kelvin Wong, senior market analyst, Asia Pacific, at OANDA.

Offering further signs that Americans were growing anxious about the potential negative impact of Trump's policies, U.S. consumer confidence deteriorated at its sharpest pace in 3-1/2 years in February, while 12-month inflation expectations surged.

High inflation may force the Fed's to keep interest rates higher, tarnishing non-yielding gold's appeal.

Fears of Trump's tariff proposals triggering a major global trade war have helped gold scale record highs several times and gain about 11% so far this year.