A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price gained 0.66% to VND91.3 million (US$3,592.15) per tael Friday morning while global rates remained stable.
Gold ring price rose by the same rate to VND91.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices held steady on Friday and were poised for a seventh consecutive weekly gain as U.S. President Donald Trump’s plans to impose reciprocal tariffs on every country taxing U.S. imports fuelled concerns of a global trade war, Reuters reported.
Spot gold held its ground at $2,929.05 per ounce. Bullion hit a record peak of $2,942.70 on Tuesday. U.S. gold futures rose 0.4% to $2,957.40.
A major trigger for gold prices this week was Trump’s announcement to impose reciprocal tariffs, which is creating tariff war concerns and could impact global economies, said Ajay Kedia, director at Mumbai-based Kedia Commodities.
The market is slightly overbought, which can create some technical profit booking after nearing the $3,000 level, Kedia said.
The PPI data on Thursday offered more evidence that inflation was accelerating again and strengthened views that the Federal Reserve would not cut interest rates before the second-half of the year.
Bullion is traditionally viewed as a safe haven against inflation and economic uncertainty, but the appeal of this non-yielding asset diminishes with rising interest rates.
