Gold bars on sale at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices went up Friday morning as global bullion rates slid but remained above US$4,000 per ounce.
Saigon Jewelry Company gold bar price gained 0.74% to VND148.9 million (US$5,659.45) per tael. Similar prices were also seen at lender ACB and other jewelers.
Local gold bar rates are currently VND21.4 million per tael higher than global prices.
Gold ring price was up 0.41% at VND146.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Friday, as the dollar firmed on uncertainty over further Federal Reserve rate cuts, although bullion was still on track for its third straight monthly gain, Reuters reported.
Spot gold was down 0.5% at $4,004 per ounce. Bullion has gained 3.9% so far this month. U.S. gold futures for December delivery were steady at $4,016.70 per ounce.
The dollar index held near its highest level in three months against its rivals, making bullion more expensive for other currency holders.
“The Fed Chairman did have his hawkish cap on this week which didn’t do gold any favors,” said KCM Trade Chief Market Analyst Tim Waterer.
“The prospect of a rate cut in December now looks like it could be much more of a toss-up than was previously thought, which has boosted the dollar while making things a bit more complicated for gold from a yield perspective.”
