Vietnam gold price surges to new high as Trump slaps global tariffs

Saigon Jewelry Company gold bar price went up 0.59% to VND102.4 million (US$3,976.71) per tael.

Bullion has gone up 21.6% so far this year, having achieved several new peaks.

Gold ring price jumped 0.98% to a new high of VND102.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices extended gains on Wednesday to hover near all-time highs, boosted by safe-haven inflows after U.S. President Donald Trump announces reciprocal tariffs that would escalate a trade war, Reuters reported.

Spot gold was up 0.6% at $3,129.46 an ounce. U.S. gold futures settled 0.6% higher at $3,166.20.

"The reciprocal tariffs are much more aggressive than expected, which should lead to asset market selloffs and a lower dollar," said Tai Wong, an independent metals trader.

"Gold's prospects are excellent here with $3,200 the new short-term target. There are plenty of unanswered questions and the sense that many things might be negotiable will make markets very volatile in the short term," he added.

Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on some of the country's biggest trading partners, in a move that ratchets up a trade war that he kicked off on his return to the White House.

Trump displayed a poster that listed reciprocal tariffs, including 34% on China and 20% on the European Union, as a response to duties put on U.S. goods.