The gains were driven by safe-haven demand amid concerns that rising tariffs could exacerbate inflation and hamper economic recovery, sending gold to its biggest quarterly gain since 1986.
At 0:44 a.m. on April 1, Vietnam time, the spot gold price increased by 1% to $3,116.94/ounce, after reaching a record high of $3,128.06/ounce in the previous session. The US gold futures price also recorded an increase of 1.2%, closing at $3,150.30/ounce.
David Meger, director of metals trading at High Ridge Futures, said the tariff uncertainty has weighed on equities and has also pushed money into gold as a safe haven. He said the market may encounter some technical resistance, leading to profit-taking or a minor correction, but the overall trend remains positive.
US President Donald Trump is expected to announce reciprocal tariffs on April 2, while auto import tariffs will take effect on April 3.
Earlier, on March 30, Mr. Trump warned that a 25-50% tariff could be imposed on customers buying oil from Russia if an agreement to resolve tensions in Ukraine was not reached.
Gold has gained about 18% year-to-date in 2025, following a more than 27% gain in 2024, thanks to favorable monetary policy, stable purchasing power from central banks, and increased demand for gold ETFs.
Major Wall Street financial institutions have raised their forecasts for gold prices, citing concerns about trade tensions and rising demand from central banks. Notably, Goldman Sachs predicts that gold could surpass $4,500 an ounce in the next 12 months if the market continues to face more volatility.
Meanwhile, other precious metals had mixed performances. Spot silver fell 0.6% to $33.90 an ounce. Platinum, on the other hand, rose 0.5% to $996.20 an ounce, while palladium rose 1.2% to $982.94 an ounce. All three metals are on track for the month.
In the Vietnamese market, on the afternoon of March 31, Saigon Jewelry Company listed the price of SJC gold in Hanoi at 99.50 - 101.80 million VND/tael (buy - sell).
Source: https://doanhnghiepvn.vn/kinh-te/vuot-moc-3-100-usd-ounce-gia-vang-the-gioi-lai-dat-dinh-moi/20250401094921933
Comment (0)