Saigon Jewelry Company gold bar dropped by 1.01% to VND117 million (US$4,496.03) per tael.

Gold ring price, however, was up 0.18% to VND113.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices climbed on Monday as an escalation in the Russia-Ukraine conflict and U.S. President Donald Trump’s fresh threat to double tariffs on imported steel and aluminum prompted investors to seek refuge in safe-haven bullion, Reuters reported.

Spot gold was up 0.5% at $3,305.85 an ounce. U.S. gold futures rose 0.4% to $3,329.80.

“With trade and geopolitical worries bubbling to the surface once again, it’s no surprise to see gold ticking higher to start the week,” said Tim Waterer, chief market analyst at KCM Trade.

“Risk assets are on the backfoot to start the week while a dip in the dollar is also keeping gold supported.”

The U.S. dollar index edged lower, making bullion less expensive for overseas buyers.

Gold, which is considered as a safe-haven asset during the time of geopolitical and economic uncertainty, tends to thrive in low-interest rate environment.