Gold prices continue to climb, reinforcing the metal’s traditional role as a safe-haven asset amid rising global economic uncertainty and escalating trade tensions between the United States and its key partners.
In Vietnam, Saigon Jewelry Company (SJC) set its benchmark gold bar price at VND 117.2 million per tael, approximately US$4,496.46, while gold rings were slightly lower at VND 113.5 million per tael. A tael, equal to 37.5 grams or 1.2 ounces, remains a popular unit of gold measurement in Asian markets and a tangible symbol of wealth preservation.
Global Gold Markets on the Move
Globally, spot gold rose 0.3% to $3,361.03 per ounce, and U.S. gold futures edged up 0.2% to $3,384.20, according to Reuters. The uptick comes as investors flock to gold amid renewed fears over trade relations, particularly between the U.S. and China, and to a growing extent, the European Union.
Kelvin Wong, Senior Market Analyst at OANDA for Asia Pacific, highlighted that dip-buyers are returning to the market as geopolitical and macroeconomic uncertainties persist. “Things remain uncertain, especially concerning the trade relationship between China and the U.S., and even between the EU and the U.S. as well,” Wong said.
OECD Sounds the Alarm on Global Growth
Further clouding the global economic picture, the Organisation for Economic Cooperation and Development (OECD) issued a stern warning earlier this week. The OECD suggested a sharper-than-expected economic slowdown may be on the horizon, exacerbated by the Trump administration’s aggressive trade policies, which it warns could inflict lasting harm on the U.S. and global economies.
Kelvin Wong noted, “The OECD report will certainly enhance safe-haven demand from a medium-term perspective.” The combination of weak labor market data, softening private payrolls, and dampened industrial optimism underscores the fragility of current economic conditions, giving investors more reason to pivot toward gold.
Gold’s Resurgence: Not Just Sentiment—It’s Fundamentals
Beyond sentiment-driven moves, gold’s recent rally is underpinned by strong fundamentals. As noted in recent World Gold Council (WGC) research, gold is displaying many characteristics of High-Quality Liquid Assets (HQLAs). Its low volatility, tight bid-ask spreads, and robust trading volumes rival traditional sovereign instruments like 10-year U.S. Treasuries.
Moreover, global liquidity is being re-evaluated as central banks—including the European Central Bank, which has already cut rates nine times—pivot toward monetary easing, fueling additional demand for gold in both institutional and retail channels.
Vietnam’s Gold Demand Remains Resilient
Domestically, Vietnam remains one of Asia’s strongest physical gold markets. Despite recent high prices, consumer and investor interest remains strong, particularly in gold jewelry, bars, and coins, which are traditionally seen as stores of value. Retail demand in the Vietnamese market often tracks with inflation expectations and global market shifts.
The SJC’s pricing continues to reflect the premium domestic demand, local currency volatility, and Vietnam’s strict gold import regulations, which add to the cost compared to international prices.
Outlook: A Glittering Future for Gold?
With continued U.S.-China trade friction, Fed rate cut speculation, and the OECD’s warning of global slowdown risks, the medium-term outlook for gold appears strong. While markets wait for Friday’s Bureau of Labor Statistics (BLS) payroll report to confirm broader employment trends in the U.S., gold is likely to remain a top hedge against uncertainty.
Investors looking to capitalize on gold’s potential could consider physical holdings, exchange-traded funds (ETFs), or CFDs, which allow exposure to gold price movements without physical storage concerns.
Conclusion
As macroeconomic fears deepen and geopolitical tensions mount, gold continues to do what it has for centuries—offer refuge, preserve value, and attract capital. Whether in Vietnamese taels or global troy ounces, the metal’s universal appeal is once again on full display.
