Gold jewelry on sale at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices dropped Friday morning as global bullion rates rebounded from a one-week low.
Saigon Jewelry Company gold bar price dipped 1.1% to VND179 million (US$6,892.59) per tael. It is still up 17.1% so far this year.
Gold ring price similarly fell to VND178.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold bounced back on Friday from a nearly one-week low in the previous session, as investors awaited key U.S. inflation figures for guidance on interest rate direction following robust jobs data that reduced expectations of rate cuts, Reuters reported.
Spot gold was up 1.3% at $4,982.59 per ounce and has gained 0.4% so far this week. U.S. gold futures for April delivery climbed 1.1% to $5,001.80 per ounce.
It earlier dropped about 3% to a near one-week low on Thursday, breaking below the $5,000-an-ounce key support as selling pressure intensified after an equities rout.
“The (precious) market will eventually continue to trend higher over time, but certainly with volatilities as heightened as they are and these big round levels offering, you know, sort of indicators of where positioning might be, big breaks certainly accelerate these moves,” Capital.com senior market analyst Kyle Rodda said.
