Vietnam gold prices hold firm as global rates hit 3-week high

Saigon Jewelry Company gold bar hovered at VND121.5 million (US$4,651.52) per tael.

Gold ring price stood at VND117.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold rose to a three-week high on Monday, boosted by safe-haven demand after U.S. President Donald Trump threatened tariffs on the European Union and Mexico, Reuters reported.

Spot gold gained 0.4% at $3,367.89 per ounce, after hitting its highest level since June 23 earlier in the session. U.S. gold futures rose 0.4% to $3,378.20.

Trump said on Saturday he would impose a 30% tariff on most imports from the EU and Mexico from Aug. 1, adding to similar warnings for other countries.

"Trump tariffs threats are supporting demand for safe haven assets, and gold is a main beneficiary of that," said UBS commodity analyst Giovanni Staunovo, as quoted by Reuters.