Global gold prices reclaimed the $4,000 per ounce threshold following U.S. President Donald Trump’s reignited concerns over potential new tariffs on China, accelerating the rush toward safe-haven assets.
Gold prices were further bolstered by investors’ heightened appetite for safe-haven assets amid escalating geopolitical and economic risks. Over the week, spot gold prices surged by 2.7%.
This week, gold prices twice breached the historic $4,000 per ounce mark, marking one of the most volatile trading weeks since the beginning of 2025. Notably, the October 10th session became a market focal point as gold prices experienced significant fluctuations following President Trump’s stern remarks on trade tensions with China.
On October 10th, President Trump announced a 100% additional tariff on Chinese imports starting November 1st or earlier, a move that could push tariff levels close to those that previously sparked fears of a severe recession and financial turmoil in April 2025.
Today’s gold prices are stable. (Image: Gainesvillecoins.com)
Analysts suggest that escalating U.S.-China trade tensions could pressure the U.S. dollar and strengthen demand for safe-haven assets like gold during periods of political and economic uncertainty. The dollar dipped by 0.5% on October 10th, making gold more attractive to investors holding other currencies.
Today’s Gold Price Movements
+ Domestic Gold Prices
As of 6 a.m. on October 12th, gold bar prices at Doji and SJC were quoted at 140.8 – 142.8 million VND per tael (buy – sell), up 600,000 VND per tael from the previous morning.
Meanwhile, gold ring prices at Doji were listed at 136.8 – 139.8 million VND per tael (buy – sell), a 300,000 VND per tael increase from the previous morning.
+ International Gold Prices
Global gold prices on Kitco were quoted at $4,016 per ounce, unchanged from the previous afternoon. Gold futures last traded at $4,017 per ounce.
Gold Price Forecast
Major financial institutions and banks, including UBS and Goldman Sachs, have raised their gold price forecasts, even suggesting the precious metal could target the $4,500 – $5,000 per ounce range next year if ETF inflows and central bank purchases continue at current levels.
Earlier this week, gold prices hit a record high of $4,059.05 per ounce on October 8th, driven by central bank purchases, ETF inflows, expectations of lower interest rates, and concerns over the global economic impact of trade barriers.
Meanwhile, Hamad Hussain, a commodity economist at Capital Economics, noted: “A short-term correction may occur after gold’s rapid rise, but the medium-term outlook remains bullish.”
Morning of October 11: Domestic Gold Prices Continue to Rise
Opening today’s trading session, several gold retailers continued to adjust their prices upward for gold rings and gold bars, with the highest increase reaching 600,000 VND per tael.
China Shuns U.S. Farm Goods, Leaving One Nation to Reap a Windfall: Soybean Exports Surge to Yearly Highs—Corn and Beef Orders Skyrocket
South American agricultural exports are experiencing a remarkable surge, fueled by robust demand from China.
Nationwide Gold Trading Overhaul: Citizens Urged to Take Immediate Notice
This marks a significant shift in Vietnam’s gold trading market.
Silver Prices Hold Steady Above 51 Million VND per Kilogram
Silver prices today remain elevated both domestically and globally, reflecting sustained market strength.
Gold Rush: Crowds Swarm to Buy as Prices Surge Past 142 Million VND per Tael (VIDEO)
Amidst a global gold price surge reaching consecutive record highs, domestic gold prices have risen, prompting long queues of buyers in Vietnam.
