Gold jewelry seen in a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold bar price fell 1.09% to VND90.3 million (US$3,556.52) per tael Saturday morning.
Gold ring price dropped 1.10% to VND90.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices fell over 1% on Friday due to profit-taking, although they remained poised for their seventh straight weekly rise, driven by fears of a global trade war in the wake of U.S. President Donald Trump’s push for reciprocal tariffs, Reuters reported.
Spot gold fell 1.6% to $2,882.99 an ounce, but remained on track for a weekly gain of 0.8%. Bullion hit a record peak of $2,942.70 on Tuesday.
“There are some technical factors in play; the inability to get the all-time high set on Tuesday leaves a potential double top, and we see some profit-taking ahead of the weekend,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
There is still a bullish trend in gold driven by several factors like tariffs, underlying inflation, and a weaker U.S. dollar, with a growing shift from paper to physical gold further fuelling this trend, said Alex Ebkarian, chief operating officer at Allegiance Gold.
