Gold prices in Vietnam surged to historic highs on April 10, mirroring gains in global markets as investors flocked to the precious metal amid escalating US-China trade tensions and shifting tariff policies, VNExpress reported.

The Saigon Jewellery Company (SJC), Vietnam’s largest gold trader, raised its gold bar prices by 1.96% to an all-time high of VND103.9mn ($4,023.24) per tael. A tael is a traditional Asian unit of weight equivalent to 37.5 grams, or about 1.2 ounces.

Gold ring prices also saw significant gains, climbing 1.57% to VND103.3mn per tael, setting a new domestic record. The surge in local gold prices came as global spot gold continued its upward momentum, last rising 0.5% to $3,097.52 an ounce on Thursday, according to Reuters data. The rally followed a sharp 3% increase on April 9, the metal’s biggest single-day gain since October 2023.

Analysts attributed the gains to a resurgence in safe-haven demand amid rising geopolitical and economic uncertainty. US President Donald Trump’s announcement on April 9 to  temporarily lower tariffs on dozens of countries — while simultaneously signalling plans to increase levies on Chinese imports — sparked volatility in global markets and drove investors toward gold and other traditional safe assets.

“The renewed trade friction between the US and China has heightened investor caution,” said a Hanoi-based gold trader. “This, combined with expectations of more accommodative policies from major central banks, is supporting the price of gold.” The price surge has drawn increased attention from Vietnamese investors, who often view gold as a secure store of value during times of global instability and local currency fluctuations.

Market watchers expect continued volatility and potential for further gains in gold prices if trade tensions persist or intensify.