Record-breaking run continues for Việt Nam’s gold amid tariff fears

Record-breaking run continues for Việt Nam’s gold amid tariff fears

Strong safe-haven demand and escalating global trade tensions pushed gold benchmark rates to VNĐ111 million (US$4,353) per tael on April 16.

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• Việt Nam takes swift, proactive actions in response to new US tariff policy

A customer tries on a gold ring at a jewellery store in Hà Nội. Gold price hit VNĐ111 million (US$4,353) per tael on April 16 amid rising global uncertainty. — VNA/VNS Photo

Domestic gold prices in Việt Nam surged to a new record high on April 16, driven by strong safe-haven demand and escalating global trade tensions, with benchmark rates hitting VNĐ111 million (US$4,353) per tael.

A tael is equivalent to 1.2 ounces.

Saigon Jewelry Company (SJC), the country’s largest gold trader, quoted gold bars at VNĐ108.5 million and VNĐ111 million per tael for buying and selling, respectively, as of 12:10 local time, up VNĐ3 million from the previous session.

Other jewellers followed suit.

Bảo Tín Minh Châu listed both bars and rings at VNĐ108.5 million (buying) and VNĐ111 million per tael (selling), while Phú Nhuận Jewelry (PNJ) posted VNĐ108 million and VNĐ110.5 million, respectively, reflecting steeper gains of up to VNĐ5.2 million on the buying side.

The sharp rally mirrors movements in global markets, where spot gold prices briefly jumped 1.4 per cent to an all-time high above $3,275 per ounce following a US President’s order targeting tariffs on imported critical minerals.

The policy shift added fresh uncertainty to global supply chains and spurred another round of equity sell-offs, prompting investors to seek refuge in precious metals.

Global gold prices have climbed more than 20 per cent since the start of the year, bolstered by fears of a global economic slowdown and mounting geopolitical risks. Analysts say volatile tariff measures and ongoing trade disputes are fuelling capital inflows into gold, especially in Asia’s retail markets. 

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