Gold jewelry on sale at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price fell 0.17% to VND118.3 million (US4,546.25) per tael Saturday morning.
Gold ring price saw a 0.44% drop to VND113.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices slipped on Friday as the dollar edged higher and markets digested the latest tariff developments, while a softer inflation report kept hopes for a U.S. rate cut alive, Reuters reported.
Spot gold was down 0.7%, at $3,293.59 an ounce and was down 1.9% so far this week. U.S. gold futures settled 0.9% lower at $3,315.40.
A federal appeals court temporarily reinstated the most sweeping of President Donald Trump’s tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them.
“Gold at this point in time is pulling back off these recent highs and is in a consolidation period,” said David Meger, director of metals trading at High Ridge Futures.
“Gold is under slight pressure as we’re seeing a little lesser need for safe-haven but it does look like there is going to be significant push back from Trump and that will eventually help prices.”
Bullion, which thrives in a low-interest rate environment and is also used to hedge against inflation and uncertainty, hit a record high of $3,500.05 in April.
