A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Gold prices declined Friday morning despite a gain of the precious metal on global markets.
Saigon Jewelry Company gold bar dropped 0.81% to VND184.8 million (US$7,031.82) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring price fell 0.81% to VND184.5 million per tael. Gold prices in Vietnam have risen 20.9% so far this year.
Globally gold prices rose on Friday, supported by a weaker dollar and softer U.S. Treasury yields, but were on track for a second consecutive weekly drop as rising energy prices dimmed prospects for near-term U.S. interest rate cuts, Reuters reported.
Spot gold was up 0.8% at $5,118.75 per ounce. U.S. gold futures for April delivery was unchanged at $5,123.30.
“The dollar has eased from its highs which has opened the door for gold to make headway amid the ongoing geopolitical risks,” said Tim Waterer, KCM Trade chief market analyst. Bullion, however, has lost roughly 1% so far this week.
Fears of inflation and questions about the Federal Reserve’s ability to cut rates if high oil prices persist is somewhat counteracting gold’s appeal, Waterer said.
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