A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices fell slightly Friday morning from a record high reached in the previous session as global rates headed for a weekly loss.
Saigon Jewelry Company gold bar dipped 0.16% to VND124.5 million (US$4,738.89) per tael after reaching an all-time high of VND124.7 million on Thursday.
Gold ring price went down 0.17% to VND119.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were set for a weekly fall on Friday, as hotter-than-expected U.S. inflation data dented hopes for a super-sized 50-basis-point (bps) Federal Reserve rate cut in September, Reuters reported.
Spot gold rose 0.1% to $3,339 per ounce. Bullion has lost 1.8% for the week. U.S. gold futures for December delivery were flat at $3,384.
“Gold is still grappling with the aftermath of the PPI jump, which raised questions over just how far the Fed may be inclined to reduce rates this year,” said Tim Waterer, chief market analyst at KCM Trade.
St. Louis Fed President Alberto Musalem said a half-point rate cut in September was not warranted, a day after Treasury Secretary Scott Bessent said it was possible.
Non-yielding gold thrives in a low-interest-rate environment.
