Gold jewelry on display at a store in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold bar price rose Friday morning as global bullion rates were mostly stable.
Saigon Jewelry Company gold bar price rose 0.72% to VND154.9 million (US$5,875.79) per tael. Jeweler PNJ and Doji quoted the same rate.
Bullion has gained 83.9% so far this year and are currently VND21 million per tael higher than global rates.
Gold ring price went up 0.39% at VND152.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were broadly flat on Friday, as higher U.S. Treasury yields offset support from a weaker dollar, while investors awaited key inflation data for signals on the Federal Reserve’s policy path ahead of its meeting next week.
Spot gold held its ground at $4,215.92 per ounce and was on track for a 0.3% weekly decline. U.S. gold futures for December delivery edged 0.1% higher to $4,245.70 per ounce.
The dollar languished not far from a five-week low against its major peers, making greenback-priced gold more attractive to overseas buyers.
A majority of more than 100 economists polled by Reuters forecast the Fed will reduce its key interest rate by 25 basis points at its meeting next week, as the central bank seeks to support a cooling labor market. Lower interest rates tend to favor non-yielding assets such as gold.
“So the market is waiting for fresh triggers which can come in the form of what the Fed is going to do and (gold) is just consolidating after a brief run in the month of November, but the trend going forward looks to be on the upside,” Kunal Shah, head of research at Nirmal Bang Commodities, said.
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