A person looks at gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam gold bar prices increased on Friday afternoon while global bullion rates were set to end the week lower.
Saigon Jewelry Company gold bar gained 0.33% to VND121 million (US$4,624.85) per tael.
Gold ring price was firm at VND116.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices traded flat on Friday and were headed for a weekly drop, weighed down by an overall stronger dollar and solid U.S. economic data, Reuters reported.
Spot gold held its ground at $3,339.20 per ounce. U.S. gold futures were flat at $3,344.60. Bullion has declined 0.5% so far this week.
The dollar was headed for a second straight weekly gain. A stronger dollar makes greenback-priced bullion more expensive for other currency holders.
“We are starting to see data coming in that is still supporting a rather vigilant U.S. economy and potentially market participants are still looking at a situation where we are not expecting a very dovish Fed,” OANDA senior market analyst Kelvin Wong said.
Gold, often considered a safe-haven asset during times of economic uncertainty, tends to do well in a low-interest-rate environment.
