Vietnam gold bar price inched up Saturday morning despite a global drop.
Saigon Jewelry Company gold bar went up 0.47% to VND149.2 million (US$5,671.93) per tael.
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A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Gold ring increased by 0.47% to VND148.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Bullion has surged 77% in Vietnam this year.
Globally gold prices pared losses on Friday after slightly softer-than-expected U.S. inflation data reinforced expectations that the Federal Reserve will cut interest rates next week, but the metal was still set for its first weekly loss in 10 weeks, Reuters reported.
Spot gold fell 0.2% at $4,118.29 per ounce after falling nearly 2% earlier in the session. The price is down over 3% for the week.
“Gold and silver jump as September core CPI comes in lower than expectations but it’s likely insufficient to entirely blunt this week’s selloff. Price action suggests that gold and, especially silver, need another leg lower before consolidation,” said Tai Wong, an independent metals trader.
Bullion has gained 55% globally this year, on geopolitical and trade tensions, robust central bank buying and expectations of U.S. interest rate cuts among other factors.
