Gold bars seen at a jewelry store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold bar price fell 0.58% to VND85 million (US$3,349.76) per tael Friday morning while global bullion rates increased.
Gold ring price dropped 0.47% to VND83.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged higher on Friday but headed for a second straight week of decline, while market participants braced for the U.S. payrolls data that is expected to provide cues on the interest rate cut trajectory, Reuters reported.
Spot gold rose 0.3% to $2,638.66 per ounce after hitting its lowest since Nov. 26 earlier in the session. Prices are down about 0.4% so far this week. U.S. gold futures rose 0.5% to $2,661.00.
Fed Chair Jerome Powell on Wednesday said the U.S. economy was stronger than it had appeared in September, when the central bank began cutting rates, allowing policymakers to potentially be a little more cautious in reducing rates further. Higher rates dull non-yielding bullion’s appeal.
