Gold prices in Vietnam saw a slight dip on Monday morning, with the price of a gold bar falling by 0.24% to VND84.5 million (US$3,318.61) per tael. Similarly, the price of gold rings also dropped by the same percentage, settling at VND84.3 million per tael. A tael, which is a traditional unit of weight in Asia, equals 37.5 grams or approximately 1.2 ounces.
Meanwhile, global gold prices experienced a minor uptick on Monday. Spot gold rose by 0.2%, reaching $2,626.30 per ounce, while U.S. gold futures gained 0.3%, hitting $2,638.70.
Investors are closely monitoring upcoming developments in U.S. economic policy, including the Federal Reserve’s interest rate outlook and President-elect Donald Trump’s tariff policies. These factors are expected to influence gold’s performance in 2025.
Kelvin Wong, senior market analyst at OANDA for the Asia Pacific region, noted that the dollar index has remained relatively stable, allowing gold to maintain its sideways movement. “Geopolitical tensions have been a major factor in gold’s uptrend this year and are expected to continue playing a role in 2025, especially with Trump entering the picture,” he explained.
So far in 2024, gold has surged by more than 27%, reaching an all-time high of $2,790.15 per ounce on October 31. This rally has been driven by significant rate cuts by the Federal Reserve, including a major reduction in September, as well as growing geopolitical uncertainties.
Related topic:
Do Gold Futures Trade on Weekends?
