Gold bars being sold at a bank in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold prices went down Friday morning as bullion headed for its second weekly loss globally.
Saigon Jewelry Company gold bar price fell 0.25% to VND119.7 million (US$4,586.21) per tael.
Gold ring price dropped 0.34% to VND115.9 million. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold fell on Friday and was headed for a second weekly loss, as a slight uptick in the dollar and the Israel-Iran truce weighed on prices, with markets eyeing U.S. inflation data for clues into the Federal Reserve’s interest rate trajectory, Reuters reported.
Spot gold slipped 1% to $3,292.19 per ounce. Bullion has lost 2.2% so far this week. U.S. gold futures fell 1.3% to $3,305.20.
The dollar rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers. Gold thrives in a low-rate environment as it is a zero-yielding asset.
U.S. President Donald Trump says that tame inflation means the Fed should already be reducing its policy rate, but so far only two Fed policymakers to date embracing the possibility of a rate cut at the central bank’s July meeting.
“I think what could be happening is that some length is leaving gold and finding its way into other precious metals, like platinum and palladium…So maybe some speculative rotation at work,” Marex analyst Edward Meir said.
