A person holds a gold ring in a jewelry store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold price dropped slightly Friday morning despite the bullion’s global gain.
Saigon Jewelry Company gold bar slipped 0.41% to VND120 million (US$4,622.41) per tael.
Gold ring was stable at VND115.5 million per tael.
Gold has risen 42.5% since the beginning of the year.
Globally gold was set for its best weekly gain in more than a month on Friday, as a softer dollar and mounting concerns about the deteriorating fiscal outlook for the world’s biggest economy boosted the metal’s safe-haven appeal, Reuters reported.
Spot gold gained 0.3% to $3,303.92 an ounce. Bullion has risen 3% so far this week and is on track for its best weekly performance since early April.
“This week, trade optimism has somewhat given way to worries about the U.S.’s fiscal situation, and the resulting hesitancy towards U.S. assets has put gold back in the frame with investors,” said KCM Trade’s Chief Market Analyst, Tim Waterer.
“Gold can likely maintain its foothold above the $3,000 level while tariff, U.S. debt and geopolitical (tension) remain swirling around financial markets.”
