World gold prices continuously set new records, surpassing 3,400 USD/ounce

US-China trade tensions have raised concerns about the impact on economic growth, thereby boosting demand for gold as a safe haven.

Spot gold rose 2.7% to $3,417.62 an ounce at 00:46 (Vietnam time). Earlier in the session, gold hit a record high of $3,430.18 an ounce. US gold futures also closed up 2.9% to $3,425.30 an ounce.

The dollar fell to a three-year low as investor confidence in the US economy was further dented by President Donald Trump’s criticism of Federal Reserve Chairman Jerome Powell. A weaker dollar makes gold more attractive to investors holding other currencies.

On trade tensions, China has accused the US of abusing tariffs and warned countries against signing sweeping economic deals with the US that would disadvantage it.

“As the tariff tensions continue to escalate, we see gold prices continuing to move higher as a safe-haven reaction,” said David Meger, an analyst at High Ridge Futures. “There will be periods of correction and profit-taking, but we continue to believe the underlying trend is sideways and higher.”

Gold is considered a hedge against economic uncertainty and a highly liquid asset. The precious metal has set new records several times this year, increasing by more than $700 an ounce since the beginning of 2025.

Gold prices crossed the $3,300/ounce mark in the middle of last week and the strong rally has pushed gold prices up by $100 in just a few days.

Jim Wyckoff, senior analyst at Kitco Metals, said that such strong daily gold price movements are a sign that this long-term rally may be coming to an end, more in terms of time than price.

In Vietnam, at 6:07 a.m. on April 22, Saigon Jewelry Company listed the price of SJC gold in the Hanoi market at 116.00 - 118.00 million VND/tael (buy - sell).

Source: https://hanoimoi.vn/gia-vang-the-gioi-lien-tiep-lap-ky-luc-moi-vuot-muc-3-400-usd-ounce-699891.html