Gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices gained on Friday afternoon, reversing losses earlier in the session.
Saigon Jewelry Company gold bar price increased by 0.59% to VND171.6 million (US$6,517.28) per tael after a 0.52% drop in the morning. It is up 0.06% for the day.
Gold ring price similarly rose to VND171.4 million per tael and also posted a daily gain of 0.06%. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold rose 2% on Friday, buoyed by a weaker dollar and bargain hunting, but was on track for a fourth straight weekly decline as surging energy prices fuelled inflation concerns and raised expectations of higher global interest rates, Reuters reported.
Spot gold jumped 2% to $4,466.38 per ounce. The commodity has fallen about 0.5% so far this week. U.S. gold futures for April delivery gained 1.9% to $4,461.
The dollar eased, making greenback-priced bullion cheaper for holders of other currencies.
U.S. President Donald Trump said he would hold off on striking Iranian energy facilities for another 10 days, giving markets a short-lived reprieve after weeks of turbulence, according to Bloomberg.
Gold has dropped about 15% since the conflict began nearly a month ago, as surging energy prices heightened inflation risks and reinforced expectations that central banks will either keep interest rates steady or raise them.
Although inflation generally supports gold’s role as a hedge, elevated interest rates tend to curb demand for the non-yielding asset.
