Vietnam’s gold prices dipped on Friday morning as global bullion rates fell and was heading for a 3% weekly drop.
Saigon Gold Jewelry Company gold bar price fell 0.14% to VND144.1 million (US$5,543.37) per tael.
Gold ring price similarly slipped to VND143.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Friday and were on track for a second straight weekly decline, pressured by a firmer US dollar and elevated Treasury yields, while investors awaited key US payrolls data for clues on the Federal Reserve’s policy path, Reuters reported.
Spot gold fell 0.6% to $4,154.78 per ounce and was down more than 3% for the week so far. US gold futures lost 0.4% to $4,184.00.
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Gold bars on sale at a store in Ho Chi Minh City. Photo by Read/Quynh Tran |
The US dollar was headed for a weekly gain, making greenback-priced metals more expensive for holders of other currencies.
“Market participants are watching US interest rate expectations and geopolitical developments in the Middle East,” said Kyle Rodda, senior financial market analyst at Capital.com.
“US nonfarm payroll data will be critical for rate expectations. If it comes in hot, it may increase the chances of rate hikes from the Fed. That would potentially weigh even further on gold prices.”