Gold bars being sold at a bank in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices dipped on Friday afternoon as global bullion rates fell.
Saigon Jewelry Company gold bar price went down 1.23% to VND120 million (US$4,608.83) per tael.
Gold ring price slid 0.86% to VND115.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell more than 1% on Friday as China considered exempting certain U.S. imports from its tariffs, denting the precious metal’s safe-haven appeal, Reuters reported.
Spot gold fell 1.4% to $3,302.81 an ounce. U.S. gold futures shed 1.1% to $3,312.80.
China may exempt some U.S. imports from its 125% tariffs and is asking businesses to identify goods that could be eligible in the biggest sign yet that Beijing is anxious about the trade war’s economic fallout.
“The partial rollback of tariffs on some imports from China may be perceived as a positive step towards further de-escalation in U.S.-China trade tensions, which exert modest downward pressure on safe-haven assets like gold,” said IG market strategist Yeap Jun Rong.
Non-yielding bullion, often viewed as a safeguard against global instability, has surged nearly $700 this year, scaling multiple record peaks. It reached $3,500.05 on Tuesday.
The dollar index rose 0.3%, reversing losses from the prior day. A higher dollar makes gold more expensive for overseas buyers.
“Over the longer term, structural tailwind remains intact, with further room for reserve diversification among emerging markets as they gradually align with the reserve composition of advanced economies,” Rong said.
