Saigon Jewelry Company gold bar price rose 0.34% to VND147.2 million (US$5,594.85) per tael. It is up 0.14% for the week.
Gold ring price gained 0.4% to VND147.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Friday, putting the yellow metal on track for a third straight weekly decline, pressured by a firmer U.S. dollar and a hawkish Federal Reserve, Reuters reported.
Spot gold was down 0.9% at $4,169.44 per ounce after earlier hitting its lowest level since June 11 at $4,119.78. It has been trading below the 200-day moving average since June 5. U.S. gold futures fell 1.4% to $4,186.50.
A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
“Gold faces a distinct risk of dropping deeper into bear market territory and below the $4,000/oz mark, as the precious metal continues to navigate a challenging environment,” said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com.
“Higher-for-longer Fed expectations are toxic for non-yielding assets while benefiting the dollar,” Tzabouras added.
Goldman Sachs cut its gold price forecast to $4,900 per ounce by December, from a previous projection of $5,400. It added that its price views remain structurally constructive but tactically cautious, with near-term downside risk and medium-term upside risk.
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