Trade tensions escalate, gold prices hit record high

World gold prices increased nearly 3% to an all-time high. Illustration photo: AI

At 00:54 Vietnam time, spot gold rose 2.6% to $3,160.82 an ounce, after hitting a record high of $3,171.49 an ounce earlier in the session. Gold futures rose 3.2% to $3,177.5 an ounce.

US President Donald Trump said on April 9 that he would temporarily suspend reciprocal tariffs on dozens of countries, but increase tariffs on China.

Gold has regained its appeal as a safe-haven asset and is on track to reach new record highs, said Nikos Tzabouras, senior market analyst at Tradu.com.

However, he said the prospect of a trade deal between the US and its trading partners is a significant risk to gold’s upside potential, as it could put renewed pressure on the precious metal. In addition, expectations of a rate cut by the US Federal Reserve could also weaken the US dollar, putting pressure on gold prices.

This session, the USD index measuring the strength of the "greenback" against a basket of key currencies fell more than 1%, making gold cheaper for buyers holding other currencies.

Data released on April 10 showed U.S. consumer prices unexpectedly fell in March, but inflation is at risk of rising after Trump raised tariffs on China. After the data was released, traders predicted that the Fed would cut interest rates again in June and could cut rates by 1 percentage point this year.

Central banks are buying gold, so gold will continue to have a lot of support as capital flows into gold-backed exchange-traded funds continue and monetary policy risks remain, said Alex Ebkarian, CEO of Allegiance Gold.

In the market of other precious metals, spot silver price decreased 0.5% to 30.88 USD/ounce, while platinum price decreased 0.5% to 932.41 USD/ounce.

In Vietnam, continuing the strong increase in the early morning session of April 10, the price of gold increased sharply in the afternoon of the same day, reaching a new peak. DOJI Gold and Gemstone Group and Saigon Jewelry Company SJC listed the price of gold bars at 100.9 - 103.9 million VND/tael (buy - sell); an increase of 500 thousand VND/tael in both buying and selling compared to the opening of the morning session.

Source: https://hanoimoi.vn/cang-thang-thuong-mai-leo-thang-gia-vang-len-muc-cao-ky-luc-698579.html