Saigon Jewelry Company gold bar price fell 1.08% to VND146.6 million (US$5,581.25) per tael. It has lost 2.2% so far this week.
Gold ring price went down by 1.09% to VND145.6 million per tael on Friday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold was on track for its biggest weekly loss in six on Friday, as escalating U.S.-Iran clashes lifted oil prices, adding to inflationary pressures and strengthening the case for higher U.S. interest rates, Reuters reported.
Spot gold was up 0.5% at $3,988.20 per ounce, having touched its lowest since July 1 earlier in the session. U.S. gold futures for August delivery were steady at $3,992.
The metal, however, has lost 3.2% so far this week, its largest decline since June 1, with the ongoing Middle East tensions outweighing support from softer June U.S. inflation figures released this week.
Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Thanh Tung |
“Even with tamer CPI and PPI figures, the oil price spike this week meant traders simply couldn’t celebrate the cooler inflation numbers,” said Tim Waterer, chief market analyst at KCM Trade.
“Geopolitical risks in the Middle East are still present, with inflation and yield concerns being the dominant forces holding gold back.”
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