A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar prices declined on Friday morning as global bullion rates eased.
Saigon Jewelry Company gold bar price dropped by 0.25% to VND120.2 million (US$4,627.34) per tael.
Gold ring price was steady at VND116.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
In its latest report to the National Assembly, the State Bank of Vietnam said the supply of gold bars in the local market has not increased since the start of this year as the central bank had stopped selling the precious metal to SJC and several state-owned lenders.
Globally, gold fell on Friday after U.S. President Donald Trump announced a trade deal with the UK, dimming bullion’s safe-haven appeal, while attention shifted to U.S.-China talks this weekend, Reuters reported.
Spot gold fell 0.8% to $3,277.67 an ounce. U.S. gold futures lost 0.7% to $3,282.80.
A 10% tariff on goods imported from the UK remains in place, while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to U.S. goods.
“I think the progress in trade talks and the U.S.-UK deal is the main reason we’ve got gold off the highs,” Capital.com’s financial market analyst Kyle Rodda said.
“High level talks over the weekend between the U.S. and China are also driving flows away from gold.”
Trump said on Thursday he expects there to be substantive negotiations between the United States and China on trade this weekend and predicted that punitive U.S. tariffs on Beijing of 145% would likely come down.
Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low interest rate environment.
