DNVN - Gold prices jumped more than 1% in trading on March 3, after hitting a three-week low in the previous session, thanks to a weaker US dollar and concerns about US President Donald Trump's tariff policies.
Spot gold rose 1.1% to $2,890.57 an ounce at 2:04 a.m. on March 4, Vietnam time. US gold futures also rose 1.8% to $2,901.1 an ounce.
Mr. Daniel Pavilonis, senior strategist at investment brokerage firm RJO Futures, commented that the current gold market is showing an optimistic trend and could completely reach above $3,000/ounce in the near future.
The dollar index, which measures the greenback against a basket of major currencies, fell more than 1% to 106.55, off a more than two-week high hit in the previous session. A weaker dollar makes gold, which is priced in the greenback, more attractive to investors using other currencies.
US President Donald Trump said on March 3 that there would be no last-minute deal to delay tariffs on goods imported from Canada and Mexico, which were scheduled to take effect on March 4. Under the decision, most goods will be subject to a 25% tariff, while energy products from Canada will be subject to a 10% tariff.
This information has raised concerns about the risk of a trade war breaking out in the North American region, while creating a negative impact on financial markets.
A week earlier, Mr. Trump had also threatened to impose an additional 10% tariff on goods imported from China. If this decision is implemented on March 4 as planned, the cumulative tariff on Chinese goods will reach 20%.
Investors are also waiting for the private employment report scheduled for release on March 5, along with the US non-farm payroll report on March 7, to look for signals related to the monetary policy of the US Federal Reserve (Fed).
Gold has always been sensitive to US interest rate decisions. When interest rates rise, the US dollar tends to strengthen, but at the same time it reduces the appeal of gold – a non-yielding asset.
In the precious metals market, spot silver prices rose 2% to $31.77 an ounce. Platinum prices also rose 0.9% to $956.50 an ounce.
In Vietnam, at the end of the trading session on March 3, the price of SJC gold in Hanoi was listed by Saigon Jewelry Company at VND 89.00 - 91.00 million/tael (buy - sell).
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-phuc-hoi-manh-nho-lo-ngai-ve-thue-quan-my/20250304094104831
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