Earlier, gold prices extended their rise thanks to safe-haven flows after US President Donald Trump announced new reciprocal tariffs, increasing tensions in the trade war.
Because President Trump's reciprocal tariffs this time are much stronger than expected, leading to a wave of asset sell-offs and weakening the USD, money flows to the safe haven of precious metals such as gold. Forecasts on the outlook for gold are quite positive, with a new short-term target of $3,200/ounce and a long-term target of $3,400/ounce.
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| SJC gold bar price nearly reached 103 million VND/tael. |
Bank of America has increased its price forecast for the next two years, and gold could hit $3,500 an ounce by 2027. Goldman Sachs also predicts that gold will end the year at $3,300 an ounce. French bank Société Générale is more optimistic, saying that gold will hit that target by 2025. Analysts even predict the potential for $4,000 an ounce if geopolitical tensions escalate and do not ease in the near future.
Earlier, on April 3, President Trump announced a basic tax rate of 10% on all imports into the US, while raising the tax rate higher for some major trading partners. At the same time, Mr. Trump also displayed a table showing the reciprocal tax rates, including 34% for China and 20% for the European Union, in response to the tariffs that these countries imposed on US goods.
Global trade tensions escalated after US President Donald Trump announced reciprocal tariffs. But this had a positive impact on the gold market, especially when demand increased sharply, increasing prices, because investors considered gold a safe haven asset.
Since the beginning of the year, the price of precious metals gold has increased by 19% ( increased by more than 500 USD since the beginning of 2025) . Because gold is always considered a safe haven in times of political, financial and commercial instability. World gold reached a peak of 3,160 USD/ounce this morning.
Meanwhile, the USD Index (DXY) turned slightly lower after Trump's tariff announcement, falling to over 103 points this morning. The greenback's strength against other major currencies has decreased, but this makes gold cheaper for investors holding other currencies, so buying pressure on the precious metal has increased.
International gold prices continued to rise to a new record, pulling domestic gold up. Opening this morning, gold bars listed at Saigon Jewelry Company (SJC) were bought at VND101 million and sold at VND102.8 million per tael, up VND600,000 compared to yesterday. Similarly, SJC's 4-number-9 gold rings, type 0.5 - 2, were bought at VND99.9 million and sold at VND102.5 million.
Faced with the heat of domestic gold, many people are also hesitant to buy because they are worried about risks when the precious metal gold is increasing rapidly, and at the same time, there is an increasing trend of selling to take profits if they have bought gold at a better price before. Gold buying and selling transactions are also not very active, even though the price of the precious metal gold is heading higher due to global trade tensions.
This morning, the central exchange rate between VND and USD announced by the State Bank was 24,854 VND, up 3 VND compared to yesterday. The listed exchange rate at commercial banks also increased and decreased in opposite directions. At Vietcombank, the listed rate this morning was 25,570 VND for cash purchase, 25,600 VND buy by transfer and sell at 25,960 VND.
Source: https://baodautu.vn/vang-tang-chong-mat-khi-my-cong-bo-thue-doi-ung-gia-sjc-gan-103-trieu-dongluong-d261754.html
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