Gold jewelry seen at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices rose on Friday morning following gains the previous day, while global bullion rates were headed for a weekly rise.
Saigon Jewelry Company gold bar price increased by 0.59% to VND85.5 million (US$3,358.87) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price also went up by the same rate to VND85.3 million per tael. Both gold bar and ring gained 0.95% on Thursday.
Globally, gold edged up on Friday on a softer U.S. dollar and safe haven flows, with the metal en-route for a weekly gain as attention turned to U.S. President-elect Donald Trump’s proposed policy changes that could influence the economic and interest rate outlook going forward, Reuters reported.
Spot gold was up 0.2% at $2,661.19 per ounce, hitting its highest level since Dec. 13. Bullion is up about 1.6% for the week so far. U.S. gold futures rose 0.2% to $2,675.40.
“We have seen an uptick in safe haven flows, which has been to the benefit of gold,” said Tim Waterer, chief market analyst at KCM Trade.
“Any pullback in the U.S. dollar could prove to be a catalyst for gold to breakout higher.”
Last month, the U.S. central bank delivered a third consecutive rate cut, but now projects only two reductions in 2025.
Gold flourishes in low interest rate environments and serves as a hedge against economic and geopolitical uncertainties.
