Gold prices could hit new highs amid tariff threat
Many experts have very positive comments on gold prices in the short term. "I am optimistic about gold next week," said Colin Cieszynski, chief strategist at SIA Wealth Management.
“Gold has just completed a consolidation phase and has broken out to an all-time high. Technically, gold appears to be starting a new rally. What is particularly interesting is that gold is still showing strength even when the USD is strengthening,” the expert said.
“Gold is going to rise,” said Adrian Day, president of Adrian Day Asset Management. “Gold has been particularly strong in recent weeks due to concerns about US tariffs. While the actual tariffs may not be as severe as initially feared, the concerns that have driven gold over the past two years have not gone away.”
Meanwhile, Rich Checkan, president and COO of Asset Strategies International, commented: "My instinct is to see prices lower due to profit taking... but I still see prices rising. Whether it is exaggerated or not, the news of the gold shortage in London, combined with the tariffs measures of US President Donald Trump and the inflationary pressures mentioned by the Federal Open Market Committee (FOMC) last Wednesday, all contribute to pushing gold prices higher." See more...
The first export trips of the new year
Supermarkets and traditional markets in Ho Chi Minh City stabilize after Tet
According to Lao Dong on February 1 (the 4th day of Tet), most supermarkets in Ho Chi Minh City have returned to normal operations, with no sudden change in purchasing power.
At supermarkets such as MM Mega Market, Co.opmart, Lotte, Bach Hoa Xanh... customers mainly buy fresh food, processed food or cooked food. The number of customers coming to the supermarket is not too crowded, people leisurely go shopping.
“Today, I went to buy some processed foods to change the menu for my family. The shelves are fuller than the first day of sale of the new year, many items also have promotions, buy 1 get 1 free” - Ms. Dang Thi Xoan (living in District 3) shared.
Financial markets shaken after US tax news
According to an announcement from the White House, starting from February 1, 2025, the US will apply a 25% tax on imports from Canada and Mexico and a 10% tax on goods from China.
Following the news, global financial markets experienced a volatile weekend session, raising concerns about the impact on the economy and international trade. US stocks plunged, Treasury yields rose sharply, while gold and the US dollar became the destination for safe-haven flows.
The biggest shock came from the US stock market, with all three major indexes falling immediately after the tariff news was announced. The Dow Jones lost more than 300 points, while the S&P 500 and Nasdaq also weakened significantly.
In contrast to the decline in stocks, the US dollar rose sharply against other major currencies, including the euro, Japanese yen and Canadian dollar. Investors sought the US dollar as a safe haven amid concerns about the global economic outlook. See more...
