A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices was stable on Friday while global bullion rates were set for their worst week in over a month.
Saigon Jewelry Company gold bar price remained at VND119.4 million (US$4,568.51) per tael while gold ring rate held at VND116 million. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Friday and were poised for their worst weekly performance in more than a month after the Federal Reserve tempered expectations for rate cuts and on a temporary easing of concerns about an imminent U.S. attack on Iran, Reuters reported.
Spot gold slipped 0.6% to $3,350.66 an ounce, and was down 2.4% for the week so far. U.S. gold futures shed 1.2% to $3,366.30.
The dollar was up 0.5% so far this week and poised for its biggest weekly gain in over a month, making gold more expensive for holders of other currencies.
President Donald Trump will decide in the next two weeks whether the U.S. will get involved in the Israel-Iran air war, the White House said on Thursday. Israel and Iran’s air war entered a second week on Friday.
Gold, a safe-haven asset during times of political and economic uncertainty, also tends to thrive in a low interest rate environment.
“Gold is likely to extend its current consolidation phase with support around $3,320 followed by $3,245,” said Ole Hansen, head of commodity strategy at Saxo Bank.
