Vietnam gold secures new peak as global forecast raised

By Dat Nguyen April 14, 2025 | 08:09 pm PT

A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Vietnam gold price continued its surge Tuesday by climbing to another historic peak, driven by higher forecasts for the safe-haven metal amid global economic uncertainties.

Saigon Jewelry Company gold bar went up 0.19% to VND107.7 million (US$4,157.10) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring shot up 0.38% to VND105.5 million per tael.

Globally gold firmed on Tuesday amid continued uncertainty over U.S. President Donald Trump's tariff plans and their impact on the global economy, Reuters reported.

Spot gold gained 0.4% to $3,221.70 an ounce. Bullion hit a record high of $3,245.42 on Monday.

"Gold continues to firm today... on ongoing investors' demand for defensive assets to mitigate portfolio volatility as the U.S. seems to be setting the stage for more tariffs to come," IG market strategist Yeap Jun Rong said.

With gold prices recently hitting a new high, the upward trend remains intact and as long as tariff uncertainties drag on for longer, bullion may remain supported, Yeap said.

Goldman Sachs on Monday raised its end-2025 gold price forecast to $3,700 per ounce from $3,300, with a projected range of $3,650-$3,950, citing stronger-than-expected demand from central banks and higher exchange-traded fund inflows due to recession risks.