Gold bars seen at a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price rose 0.24% to VND84.7 million (US$3,328.29) per tael Friday morning while global rates edged lower.
Gold ring price also increased by 0.24% to VND84.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold edged lower in light trading on Friday and was poised for a weekly gain, as investors awaited cues on the U.S. economy to anticipate the Federal Reserve’s interest rate path for 2025 and the incoming Donald Trump administration’s policies, Reuters reported.
Spot gold fell 0.2% to $2,630.28 per ounce. Bullion gained 0.3% so far this week. U.S. gold futures eased 0.2% to $2,649.10.
Gold prices have surged nearly 28% this year, reaching a record high of $2,790.15 on Oct. 31, driven by Fed’s substantial rate cuts and escalating geopolitical tensions.
Gold is considered a hedge against geopolitical turmoil and inflation, but higher rates reduce the non-yielding asset’s appeal.
