The Saigon Jewelry Company (SJC) reported a 1.52% rise in its gold bar price, pushing it to VND120 million (US$4,629.09) per tael. A tael equals 37.5 grams, or approximately 1.2 ounces. The price of gold rings also climbed, rising 1.32% to VND115 million per tael. Vietnamese gold remained approximately VND19.8 million per tael higher than global prices, underscoring persistent domestic demand.
Globally, gold prices continued to decline. Spot gold dropped 0.5% to $3,223.06 per ounce on Friday, while U.S. gold futures slipped 0.1% to $3,224.90. With a weekly loss of around 3%, bullion is on track for its worst performance since November 2024, according to Reuters.
The retreat comes as a stronger U.S. dollar and easing concerns over the U.S.-China trade conflict dampened demand for the metal as a safe-haven asset. The dollar was on course for its fourth consecutive week of gains, making gold more expensive for buyers using other currencies.
“Gold prices faced heavy selling pressure this week as markets cheered a de-escalation in the U.S.-China trade war,” said Ilya Spivak, head of global macro at Tastylive.
Gold typically performs well in periods of geopolitical tension or economic uncertainty and tends to benefit from lower interest rate environments.
“On the plus side, gold price dips continue to attract buyers, which shows that the precious metal remains a favored asset,” said Tim Waterer, Chief Market Analyst at KCM Trade. “The global growth and inflation outlooks still look rather murky.”
Despite global headwinds, the resilience in Vietnam’s gold market highlights the divergence in regional investor sentiment and ongoing local appetite for bullion.
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