Gold Prices in Vietnam See Significant Rise

Saigon Jewelry Company reported a notable increase in gold bar prices, rising by 1.52% to VND120 million (US$4,629.09) per tael. Notably, a tael is equivalent to 37.5 grams or 1.2 ounces. Similarly, gold ring prices experienced a 1.32% hike, reaching VND115 million per tael. It's observed that Vietnam's gold prices are approximately VND19.8 million higher per tael compared to global rates.

Global Gold Market Trends

On the global front, gold prices witnessed a slight decline on Friday, marking the steepest weekly drop in six months. This downturn is attributed to a strengthening dollar and reduced concerns over trade wars, diminishing gold's appeal as a safe-haven asset, as per Reuters.

Spot gold decreased by 0.5% to $3,223.06 an ounce, with bullion losing about 3% over the week, signaling its worst performance since November 2024. U.S. gold futures also saw a minor drop of 0.1% to $3,224.90.

Market Analysts Weigh In

Ilya Spivak, head of global macro at Tastylive, commented on the heavy selling pressure gold faced this week, linking it to the de-escalation in U.S.-China trade tensions. Despite this, Tim Waterer, Chief Market Analyst at KCM Trade, noted that dips in gold prices continue to attract buyers, underscoring gold's status as a preferred asset amidst uncertain global growth and inflation outlooks.