Gold jewelry on sale at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices surge on Friday morning while global bullion rates head for their worst week in six months.
Saigon Jewelry Company gold bar price rose 1.52% to VND120 million (US$4,629.09) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price went up 1.32% to VND115 million per tael. Vietnam’s gold prices are around VND19.8 million per tael higher than global rates.
Globally, gold prices eased on Friday and were poised for their steepest weekly decline in six months, as a stronger dollar and waning trade war concerns dampened its appeal as a safe-haven asset, Reuters reported.
Spot gold fell 0.5% to $3,223.06 an ounce. Bullion has lost about 3% so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures shed 0.1% to $3,224.90.
The dollar rose for the week so far and was headed for its fourth straight week of gains, making greenback-priced gold more expensive for overseas buyers.
“Gold prices faced heavy selling pressure this week as markets cheered (a) de-escalation in the U.S.-China trade (war),” said Ilya Spivak, head of global macro at Tastylive.
Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-rate environment.
“On the plus side, gold price dips continue to attract buyers which shows that the precious metal remains a favoured asset, with the global growth and inflation outlooks still looking rather murky,” said KCM Trade Chief Market Analyst Tim Waterer.
