Concerns over new US tariffs keep gold prices above $3,000/ounce

Illustration photo. Photo: Internet

At 0:30 a.m. Vietnam time, spot gold prices fell slightly by 0.1% to $3,016.71 an ounce. US gold futures also recorded a similar decline to $3,022.50 an ounce.

Peter Grant of Zaner Metals said the precious metal remains a top choice for investors amid concerns over tariffs and rising geopolitical risks, and that the new record price of gold could pave the way to $3,150 an ounce.

The dollar index rose 0.4% against a basket of major currencies, making gold more expensive for investors using other currencies. The yield on 10-year US Treasury bonds also edged up slightly.

Concerns that US tax policy could increase inflationary pressures and slow economic growth have boosted demand for gold as a safe haven. Gold prices have risen more than 15% this year and hit an all-time high of $3,057.21 an ounce on March 20.

Investors are closely watching U.S. personal consumption expenditure (PCE) data, due on March 28, for clues on interest rate policy moves from the Federal Reserve. Last week, the Fed kept its benchmark interest rate unchanged but also signaled a possible rate cut later this year. Although gold does not yield, it tends to appreciate when interest rates remain low.

In the Vietnamese market, at 06:17, Saigon Jewelry Company announced that the price of SJC gold in Hanoi fluctuated between 96.70 - 98.40 million VND/tael (buy - sell).

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/moi-lo-thue-quan-moi-cua-my-khien-gia-vang-duy-tri-nguong-tren-3-000-usd-ounce/20250327082400189