Gold prices set new records twice in one day

Vietnam gold prices kept climbing to new historic peaks on Monday afternoon after setting records in the morning.

Saigon Jewelry Company gold bar price rose 0.3% to a record VND101.8 million (US$3,980.45) per tael. It had earlier surged 0.8% to VND101.5 million.

Gold ring price was up 0.29% to VND101.9 million per tael after jumping 1.2% to VND101.6 million in the morning. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold hit a record high and was set to post its biggest quarterly gain in over 38 years on Monday, as concerns over U.S. President Donald Trump’s tariff plans widening the global trade war and triggering an economic slowdown boosted bullion’s appeal, Reuters reported.

Spot gold jumped 1.1% to $3,116.82 an ounce after hitting an all-time high of $3,128.06 earlier. U.S. gold futures was up 1.1% to $3,148.00.

Gold, traditionally seen as a hedge against political and economic uncertainties, has risen over 18% so far this quarter, its biggest quarterly gain since September 1986.

Interest rate cut bets, central bank buying and exchange-traded fund (ETF) demand are the other factors that have supported the rally. The rapid price rise prompted multiple banks to increase their 2025 price forecasts.

Trump is expected to announce reciprocal tariffs on April 2, while automobile tariffs will take effect on April 3. On Sunday, Trump said he was “pissed off” at Russian President Vladimir Putin and would impose secondary tariffs of 25%-50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine.