Gold prices rebound after weekend drop from record highs

Saigon Jewelry Company gold bar price rose 3.5% to VND118 million (US$4,561.27) per tael. A tael equals 37.5 grams or 1.2 ounces.

It previously reached a peak of VND120 million per tael last Friday before dropping to VND115 million over the weekend.

Gold ring price jumped 3.08% toVND117 million per tael after hitting a record VND119.5 million last week.

Globally, gold prices surged to a record high on Monday, spurred by concerns over global economic growth due to the spiralling Sino-U.S. trade war, with a weaker dollar further boosting the rally, Reuters reported.

Spot gold had advanced 1.7% to $3,383.87 an ounce after hitting a record high of $3,384 earlier in the session. U.S. gold futures firmed 2% to $3,396.10.

The dollar index hit a three-year low, making gold more attractive for other currency holders.

China on Monday warned countries against striking a broader economic deal with the United States at its expense, a move Trump is reportedly seeking from countries seeking tariff reductions or exemptions.

Meanwhile, Trump launched a series of attacks against Federal Reserve Chair Jerome Powell on Thursday, with his team evaluating whether they could fire Powell.

"Fundamentally, markets are pricing in heightened geopolitical risks, driven by U.S. tariff tensions and stagflation concerns, while resilient central bank demand offers an added tailwind for prices as well," said IG market strategist Yeap Jun Rong.

"The next potential milestone for gold could be around the $3,500 level, though positioning may appear crowded in the near term and technical indicators suggest near-term overbought conditions," Rong said.