Local Gold Prices Take a Slight Dip

The Saigon Jewelry Company's gold bar experienced a minor decrease of 0.33%, settling at VND120.9 million (US$4,617.23) per tael. Meanwhile, the gold ring remained steady at VND117.4 million per tael. It's noteworthy that a tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Market on the Rise

In contrast to the local market, global gold prices saw an uptick on Friday, marking a weekly gain. This surge is attributed to investors flocking to safe-haven assets following the U.S. President Donald Trump's tax-cut and spending bill approval by Congress, which sparked fiscal concerns. Spot gold increased by 0.4% to $3,340.79 per ounce, with bullion gaining over 2% this week.

The Safe-Haven Appeal of Gold

Gold, known for its non-yielding nature, thrives as a safe-haven asset, especially in low-interest-rate environments. Since the start of the year, gold has witnessed an impressive surge of 43.5%, highlighting its enduring appeal among investors.