Gold prices rise amid global decline

By Minh Hieu   February 2, 2025 | 08:58 pm PT
Gold prices rise amid global decline
A person looks at gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam gold bar price gained 0.56% to VND89.3 million (US$3,524.77) per tael Monday morning while global bullion rates fell.

Gold ring price rose 0.8% to VND88.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices fell nearly 1% on Monday after rising to an all-time high in the previous session, as the U.S. dollar strengthened on mounting fears of a global trade war following U.S. President Donald Trump's sweeping tariff measures, Reuters reported.

Spot gold fell 0.9% to $2,776.05 per ounce after prices hit a record peak at $2,817.23 on Friday. U.S. gold futures were 0.9% lower at $2,810.80.

The U.S. dollar index hovered near a three-week peak, making greenback-priced gold more expensive for foreign buyers.

Trump on Saturday levied 25% tariffs on imports from Canada and Mexico and 10% on goods from China starting on Tuesday. White House officials said there would be no exclusions from the tariffs.

Canada and Mexico ordered retaliatory measures, while China said it would challenge tariffs at the World Trade Organization and take unspecified countermeasures.

"Markets are looking rattled about the tariff dramas and demand for safe-haven assets such as gold could look to limit the immediate downside... though the soaring U.S. dollar could be an inhibiting factor," said Tim Waterer, chief market analyst at KCM Trade.

 
 
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