Demand for safe haven assets pushed gold prices up by more than 1%.

Gold prices in Asian markets rose more than 1% in trading on April 10, as investors sought the precious metal as a safe haven after the US unexpectedly increased tariffs on Chinese goods – the world's largest consumer of gold.

Gold bars are sold at a store in Tokyo, Japan. Photo: AFP-VNA.

At 06:55 GMT (13:55 Vietnam time), spot gold prices rose 1.2% to $3,120.01 per ounce. In the previous session, gold recorded its strongest gain since October 2023. US gold futures also rose 1.9% to $3,137.20 per ounce.

On April 9, US President Donald Trump announced he would raise tariffs on imports from China to 125%, up from the previous 104%. This is the latest development in a series of tit-for-tat tariff actions between the world's two largest economies this past week.

However, Trump also temporarily postponed imposing tariffs on several other countries for 90 days.

Edward Meir, an expert at Marex, commented: “We believe that if the economy enters a period of slower growth – our main scenario – then interest rates will fall and that will push gold prices higher, as concerns about inflation due to the impact of tariffs will persist for much of this year. We forecast that gold prices could reach $3,200 per ounce by the end of the month, or even sooner.”

Since the beginning of 2025, the price of gold has increased by more than 18%, thanks to factors such as the Trump administration's plan to impose new tariffs, expectations that the US Federal Reserve (Fed) will cut interest rates, geopolitical tensions in the Middle East and Ukraine, strong buying activity by central banks, and increased inflows into gold ETFs.

The minutes of the Fed's most recent meeting show that policymakers are largely in agreement that the U.S. economy is facing the risk of "high inflation coupled with slow growth," and some officials warned of upcoming "difficult trade-offs."

As a non-yielding asset, gold could lose its appeal if the Fed is forced to maintain high interest rates to control inflation.

The market is currently awaiting the US Consumer Price Index (CPI) report, expected to be released on April 10 (local time), and the Producer Price Index (PPI), which will be released on April 11.

Following the trend of global gold prices, after the US temporarily suspended tariffs for 90 days, domestic gold prices surged on the morning of April 10th, reaching a new peak of 103.4 million VND per tael. In the afternoon session, at 2:30 PM, Bao Tin Minh Chau Company listed the price of gold bars and gold rings at 100.9 - 103.92 million VND per tael (buying price - selling price).

According to baotintuc.vn

Source: https://baodanang.vn/kinhte/202504/nhu-cau-tru-an-an-toan-day-gia-vang-tang-hon-1-4003406/