A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices continued to plunge on Friday afternoon following massive drops in the morning.
Saigon Jewelry Company gold bar price slid to VND97.7 million (US$3,818.27) per tael, down 1.2% from the morning and 2.7% from its historic high of VND100.4 million on Thursday.
Gold ring price was at VND97.3 million per tael, down 1.52% from the morning and 3.4% from its peak of VND100.7 million. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were on track for a third straight weekly gain on Friday, aided by the U.S. Federal Reserve’s cut cues for the year and safe-haven demand amid geopolitical and economic uncertainties, Reuters reported.
Spot gold fell 0.5% to $3,028.77 an ounce, weighed by a stronger U.S. dollar. U.S. gold futures eased 0.3% to $3,035.70.
The bullion reached an all-time high of $3,057.21 per ounce on Thursday and has climbed about 1.5% so far this week.
“Gold is trading down slightly in today’s Asia session due to U.S. dollar strength across the board among the major currencies,” said Kelvin Wong, senior market analyst, Asia Pacific, at OANDA.
A whirlwind of factors, including tariff uncertainty, rate cut expectations and the rekindling of Middle Eastern tensions, have propelled gold to dazzling new heights this year, pushing it to 16 record highs, with four above the crucial $3,000 mark.
The non-yielding metal, a hedge against geopolitical and economic turbulence, thrives in a low interest rate environment.
