Saigon Gold Jewelry Company gold bar price declined 0.42% to VND143.5 million (US$5,522.31) per tael, having fallen 0.62% this week.
Gold ring price fell by the same rate to VND143 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Friday, reversing earlier gains, as a stronger dollar and elevated US Treasury yields weighed on the non-yielding metal, leaving it on track for a weekly decline, Reuters reported.
Spot gold fell 0.9% to $4,140.06 per ounce after gaining over 1% earlier in the session. The metal was down about 3.4% for the week. US gold futures settled 1% lower at $4,162.30.
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Gold jewelry at a store in Ho Chi Minh City. Photo by Read/Quynh Tran |
The US dollar edged lower, but was headed for a weekly gain, while yields on 10- and 30-year Treasuries hit their highest levels since 2002 on Thursday.
“Gold bugs are perhaps refusing to get carried away for the time being, knowing that the Fed retains a hawkish bias,” said Han Tan, chief market analyst at Bybit.
“In the months ahead, much of gold’s trajectory will depend on how much the Fed is willing to tolerate potential labor market weakness, with its eyes firmly set on subduing US inflation.”