Gold prices remained largely unchanged on Monday morning following their sharp decline from all-time peak levels at the end of last week.
The gold bar pricing set by Saigon Jewelry Company stood at VND97.4 million (US$3,798.76) per tael. Previously, it had hit an all-time peak of VND100.4 million the preceding Thursday.
The cost of gold rings increased by 0.1%, reaching VND97.1 million per tael. Last Thursday, it reached an all-time high of VND100.7 million. One tael is equivalent to 37.5 grams or approximately 1.2 ounces.
Worldwide, gold saw minimal movement on Monday with traders awaiting new stimuli following a previous surge that lifted prices to all-time peaks. This rise was driven by geopolitical tensions and expectations for reductions in U.S. interest rates.
Reuters
reported.
Spot gold remained steady at $3,025.38 per ounce. Meanwhile, U.S. gold futures climbed by 0.3%, reaching $3,029.70. The precious metal had hit an all-time peak of $3,057.21 on Thursday.
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Gold is still well-positioned
For additional gains, markets might continue to be wary of potential adverse growth impacts from tariffs. However, this downside risk could be somewhat mitigated if aRussia-Ukraine cease-fire agreement moves nearer to implementation,” noted Tim Waterer, chief market analyst at KCM Trade.
“President Trump has created some flexibility regarding the reciprocal tariffs, possibly making them less harsh than anticipated, which has somewhat eased market concerns but…it has also reduced the upward trajectory of gold prices,” according to Waterer.
Zero-yield bullion is considered a safeguard against geopolitical and economic instabilities, along with inflation.
