Gold prices surge to record highs

Vietnam gold prices rose to new all-time highs Monday morning as global rates also reached peaks.

Saigon Jewelry Company gold bar price gained 0.8% to VND101.5 million (US$3,968.72) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price increased by 1.2% to VND101.6 million per tael, also a historic peak.

Globally, gold touched an all-time high on Monday, breaching the $3,100 level, as investors turned to the safe-haven asset amid concerns that U.S. President Donald Trump's tariff plans would stoke a global trade war and economic fallout, Reuters reported.

Spot gold was up 0.6% to $3,103.63 an ounce, after hitting a record high of $3,107.26 earlier. Bullion is up over 8% in March.

Trump is expected to announce reciprocal tariffs on April 2, while auto tariffs will commence on April 3.

Gold, traditionally seen as a hedge against political and economic uncertainty, has risen over 18% this year. Bullion's rally has prompted multiple banks to increase their 2025 gold price forecasts.

"Markets anxiety levels have been ramping up ahead of the reciprocal U.S. tariff announcements, which is keeping gold in high demand as a defensive play," KCM Trade chief market analyst, Tim Waterer said.

"If the tariff announcements this week are not as severe as feared, then the gold price could start to backtrack as profit-taking from the highs may be triggered."