Gold prices rise as global rates gain

Gold ring price went up by roughly the same rate to VND100.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices rose on Wednesday as the dollar weakened and as investors braced for U.S. President Donald Trump's tariffs to take effect, with most flocking to safe-haven gold for cover as global trade tensions escalate and fears of a recession mount, Reuters reported.

Spot gold gained 0.6% to $3,000.13 an ounce. U.S. gold futures rose 0.8% to $3,014.40.

The dollar lost ground as the imposition of tariffs looked imminent, making greenback-priced gold cheaper for overseas buyers.

"The downward shift in the dollar on tariff worries effectively paved the way for gold to reclaim the $3000 level," KCM Trade chief market analyst Tim Waterer said.

"Due to global growth and inflation uncertainties, gold is still on track to pursue new all-time highs despite experiencing a few bumps in its progress over the last week."

However, some gains in non-yielding bullion were limited by U.S. benchmark 10-year note yield hitting an over one-week high.

Gold-backed exchange-traded funds registered the largest quarterly inflow in three years in January-March 2025, World Gold Council data showed.