Surpassing the threshold of 3,100 USD per ounce, world gold price sets new record

Gold bars in Incheon, west of Seoul, South Korea. (Photo: Yonhap/VNA)

World gold prices continued their impressive rise in the session of March 31, surpassing the 3,100 USD/ounce mark for the first time to set a new record.

The rally was fueled by demand for safe-haven assets amid growing uncertainty around tariff policies, which are seen as likely to exacerbate inflation and hamper economic growth.

This increase also helped gold record its strongest quarterly increase since 1986.

At 0:44 a.m. on April 1, Vietnam time, spot gold prices rose 1% to $3,116.94 an ounce, after hitting an all-time record high of $3,128.06 an ounce earlier in the session.

US gold futures also rose 1.2%, closing at $3,150.30 an ounce.

David Meger, director of metals trading at High Ridge Futures, said the ongoing uncertainty surrounding tariffs has weighed on the stock market and brought a wave of buying into gold as a safe haven.

The gold market may face some technical resistance, leading to some profit-taking or slight correction, but the overall bullish trend remains intact.

US President Donald Trump is expected to announce reciprocal tariffs on April 2, while auto tariffs will take effect on April 3.

Earlier on March 30, Mr. Trump threatened to impose a 25-50% tax on Russian oil buyers if an agreement was not reached to resolve the situation in Ukraine.

Gold prices have risen about 18% year-to-date in 2025, continuing a rally of more than 27% in 2024, driven by a favorable monetary policy environment, steady central bank buying, and demand for gold exchange-traded funds (ETFs), among other factors.

Several major Wall Street banks have upgraded their outlook for gold, citing trade tensions and strong demand from central banks. Notably, Goldman Sachs forecasts that gold could surpass $4,500 an ounce in the next 12 months under difficult market conditions.

Meanwhile, other precious metals recorded mixed performances. Spot silver fell 0.6% to $33.90 an ounce. Platinum rose 0.5% to $996.20 an ounce and palladium rose 1.2% to $982.94 an ounce. All three metals are on track to post monthly gains.

In Vietnam, on the afternoon of March 31, Saigon Jewelry Company listed the price of SJC gold in the Hanoi market at 99.5-101.8 million VND/tael (buy-sell)./.

According to VNA

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At the end of the session on March 31, gold prices increased in both domestic and world markets.