Surpassing the threshold of 3,100 USD/ounce, world gold price continues to reach new peak

Gold bars in Incheon, west of Seoul, South Korea. Illustration photo: Yonhap/TTXVN

The rally was fueled by demand for safe-haven assets amid rising uncertainty over tariffs, which are seen as likely to exacerbate inflation and hamper economic growth. The rally also helped gold post its biggest quarterly gain since 1986.

At 00:44 on April 1, Vietnam time, the spot gold price increased by 1% to 3,116.94 USD/ounce, after hitting an all-time high of 3,128.06 USD/ounce earlier in the session. The US gold futures price also increased by 1.2%, closing the session at 3,150.30 USD/ounce.

David Meger, director of metals trading at High Ridge Futures, said the ongoing tariff uncertainty has weighed on equities and has sparked a rush to buy gold as a safe haven. The gold market may hit some technical resistance, leading to some profit-taking or a minor correction, but the overall uptrend 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 99.50-101.80 million VND/tael (buy - sell).

Source: https://hanoimoi.vn/vuot-nguong-3-100-usd-ounce-gia-vang-the-gioi-tiep-tuc-dat-dinh-moi-697479.html