A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price fell 0.8% to VND86.4 million (US$3,400.91) per tael Friday morning while global bullion rates inched up.
Gold ring price slid 0.81% to VND85.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged higher on Friday and were set for a weekly gain, driven by reports of top consumer China resuming gold purchases, and heightened expectations of an interest rate reduction by the Federal Reserve at its Dec. 17-18 meeting, Reuters reported.
Spot gold was up 0.3% at $2,688.29 per ounce. Bullion is headed for a weekly gain and has added more than 2% so far this week. U.S. gold futures were steady at $2,711.30.
“Gold enjoyed a bullish run heading into this week’s U.S. inflation report, but another sharp bearish reversal on Thursday should remind gold traders that complacency is the devil,” Matt Simpson, a senior analyst at City Index said.
Gold prices fell more than 1% on Thursday on profit-taking after the bullion briefly hit a five-week high earlier in the session.
U.S. producer prices rose more than expected in November amid a surge in the cost of food. Data on Wednesday showed that consumer prices increased by the most in seven months in November cementing bets of an interest rate cut. The bullion thrives in a low-interest-rate environment.
