A person looks at gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam gold prices were stable on Friday while global bullion rates are on track for a third straight weekly decline.
Saigon Jewelry Company gold bar price hovered at VND121.4 million (US$4,631.47) per tael.
Gold ring price stood at VND117.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices held steady on Friday, but are poised for a third consecutive weekly loss pressured by a stronger dollar and diminished expectations for U.S. rate cuts, while uncertainty from U.S. tariffs on trading partners offered support, Reuters reported.
Spot gold was steady at $3,288.89 per ounce. Bullion is down 1.4% so far this week. U.S. gold futures edged down 0.3% to $3,339.90.
“Gold remains weighed by reduced bets for Fed rate cuts for the rest of 2025. This week’s U.S. GDP, weekly jobless claims, and PCE figures also shored up the Fed’s reluctance to commit to a rate cut,” said Han Tan, chief market analyst at Nemo.Money, as cited by Reuters.
Fed held rates steady in the 4.25%-4.50% range on Wednesday and dampened expectations for a September rate cut.
Gold, often considered a safe-haven asset during economic uncertainties, tends to perform well in a low-interest-rate environment.
“The precious metal should, however, remain supported amid the still-uncertain impact from U.S. tariffs on global economic growth,” Tan said.
