Vietnam gold bar price rose to a new record Thursday morning, extending its double-digit gain this year, after U.S. President Donald Trump announced a minimum 10% import tariffs on all countries.
Saigon Jewelry Company gold bar price went up 0.59% to VND102.4 million (US$3,976.71) per tael.
Bullion has gone up 21.6% so far this year, having achieved several new peaks.
Gold ring price jumped 0.98% to a new high of VND102.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices extended gains on Wednesday to hover near all-time highs, boosted by safe-haven inflows after U.S. President Donald Trump announces reciprocal tariffs that would escalate a trade war, Reuters reported.
Spot gold was up 0.6% at $3,129.46 an ounce. U.S. gold futures settled 0.6% higher at $3,166.20.
"The reciprocal tariffs are much more aggressive than expected, which should lead to asset market selloffs and a lower dollar," said Tai Wong, an independent metals trader.
"The outlook for gold is quite promising, with $3,200 becoming the new immediate target. Numerous uncertainties remain unresolved, and the notion that various factors could still be open to negotiation suggests that financial markets may experience significant volatility in the near future," he noted.
On Wednesday, Trump announced plans to introduce a minimum 10% tariff on every product imported into the United States, with additional levies targeting several major trading partners. This escalation intensifies the trade conflict he reignited upon reassuming residency at the White House.
Trump displayed a poster that listed reciprocal tariffs, including 34% on China and 20% on the European Union, as a response to duties put on U.S. goods.