Gold jewelry at a store in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices fell Friday morning while global bullion rates were set for a fourth weekly loss.
Saigon Jewelry Company gold bar price slipped 0.52% to VND170.6 million (US$6,477.2) per tael.
Gold ring price dropped 0.53% to VND170.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold rose over 1% on Friday, buoyed by a weaker dollar and bargain hunting, but was on track for a fourth straight weekly decline as surging energy prices fuelled inflation concerns and raised expectations of higher global interest rates, Reuters reported.
Spot gold rose 1.3% to $4,433.69 per ounce. U.S. gold futures for April delivery gained 1.2% to $4,428.40.
The commodity has fallen about 1.2% so far this week and 16% since the U.S.-Israeli war on Iran began on Feb. 28.
“For weeks, gold has been treated as a liquidity asset sold to cover volatility and margin calls elsewhere, but at current levels, it is now looking more like a value proposition for investors, which is why it’s back in favor today,” said Tim Waterer, chief market analyst, KCM Trade.
“However, hawkish central banks wary of persistent oil-driven inflation, continue to act as a heavy lid on gold’s ambitions to the upside, keeping any rally firmly in check.”
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