Gold rings seen in a Hanoi store. Photo by VnExpress/Giang Huy
Vietnam gold ring price edged up Friday morning as global bullion rates remained mostly stable.
Saigon Jewelry Company gold ring price gained 0.17% to VND120 million (US$4,543.65) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold bar price stood at VND125.4 million per tael, the historic peak reached on Thursday.
Globally, gold prices held steady on Friday, with investors refraining from taking any big bets ahead of U.S. Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path, Reuters reported.
Spot gold edged down 0.1% to $3,335.22 per ounce. U.S. gold futures for December delivery fell 0.1% to $3,378.70.
The U.S. dollar index hovered near a two-week high, making gold less attractive to overseas buyers.
“With a Russia-Ukraine peace deal still a possibility, and the USD attracting some buyers, gold is facing headwinds,” KCM Trade chief market analyst Tim Waterer said.
“But if Powell’s message is interpreted as being a dovish shift, the USD could be undone, and gold may be on the move higher again.”
