Vietnam gold prices rose on Friday morning amid a more than 1% jump in global bullion rates.
Saigon Gold Jewelry Company gold bar price gained 0.91% to VND144.3 million (US$5,585.55) per tael and is up nearly 0.6% for the week.
Gold ring price also increased by 0.91% to VND143.8 million per tael on Friday. A tael equals 37.5 grams or 1.2 ounces.
Globally gold rose more than 1% on Friday, helped by a softer US dollar, easing Treasury yields and lower oil prices, as market players weighed lingering inflation concerns and the outlook for Federal Reserve interest rates, Reuters reported.
Spot gold rose 1.1% to $4,177.44 per ounce after hitting a two-month low on Wednesday. US gold futures gained 1.1% to $4,202.00.
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A person holds gold bars at a store in Ho Chi Minh City. Photo by Read/Quynh Tran |
Last month, the U.S. central bank voted unanimously to raise the policy rate by a quarter of a percentage point.
“Possible tightening later on could keep gold at risk… Looking ahead, traders will watch upcoming economic data that could provide further monetary policy clues and influence sentiment ahead of the Federal Reserve’s October meeting,” said Tony Sage, CEO of Critical Metals.
“Softer numbers or guidance could push yields to the downside and support gold.”