Saigon Jewelry Company gold bar price slid 1.03% to VND154.4 million (US$5,863.71) per tael.
The metal has declined steadily over the last few sessions, shedding 2.9% so far this week and erasing most of its gains since the start of the year.
Gold ring price also declined by 1.03% to VND154.2 million per tael on Friday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices fell on Friday, and were poised for a weekly loss, as tensions in the Middle East dampened hopes for a U.S.-Iran peace deal amid rising inflation and interest rate-hike fears, Reuters reported.
Spot gold was down 0.5% at $4,452.20 per ounce. It has fallen about 1.8% for the week so far. U.S. gold futures for August delivery fell 0.6% to $4,478.50.
Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Thanh Tung |
The Iran-backed Hezbollah militia rejected a new ceasefire in Lebanon and Israel said it would not withdraw troops from the country, undermining U.S. President Donald Trump’s efforts to halt fighting there to forge peace with Tehran.
“Some pessimism around the resolution of the Iran conflict has been negative for gold,” said Nicholas Frappell, global head of institutional markets at ABC Refinery. “I think the trend is to expect tighter interest rate markets.”
While gold is seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.
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