A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices stood firm on Friday while global bullion rates declined slightly.
Saigon Jewelry Company gold bar price hovered at VND121.7 million (US$4,655.79) per tael.
Gold ring price remained at VND117.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion, Reuters reported.
Spot gold was down 0.3% at $3,356.75 per ounce. U.S. gold futures fell 0.4% to $3,358.60.
“Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market,” OANDA senior market analyst Kelvin Wong said.
“However, the dollar is in a weakening bias and on top of that, we still have the Fed rate cuts pretty much alive at this juncture, which are supporting gold near $3,360 level.”
