Gold Prices Decline in Vietnam

Saigon Jewelry Company gold bar saw a decrease of 0.42%, settling at VND119.2 million (US$4,567.92) per tael, while gold ring prices dropped by 0.43% to VND116 million per tael. Despite these recent dips, gold has experienced a significant 42% increase since the beginning of the year.

Global Gold Market Trends

On the global stage, gold fell by 2% on Friday, reaching a near one-month low. This downturn was attributed to a boosted risk appetite following a U.S.-China trade agreement, which lessened gold's appeal as a safe-haven asset. Spot gold prices eased by 1.5% to $3,277.17 per ounce, marking a second consecutive week of decline with a total slip of 2.8%.

Market Analysts Weigh In

Daniel Pavilonis, a senior market strategist at RJO Futures, commented on the situation, stating, "The slowdown in geopolitics has offered an opportunity for investors to start taking profit because of the forward-looking prospects of some kind of kinetic war with China and the developments in the Middle East."

Positive Signs from Trade Agreements

The recent trade agreement between the U.S. and China on expediting rare earth shipments to the U.S. has been viewed positively by markets, leading to a rally in global shares. Additionally, the ceasefire agreement between Iran and Israel continues to hold, contributing to the current geopolitical calm.