Gold Bar and Jewelry Prices on the Rise

Saigon Jewelry Company reported a 0.33% increase in gold bar prices, reaching VND121 million (US$4,624.85) per tael. Meanwhile, gold ring prices remained stable at VND116.7 million per tael. It's noteworthy that a tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Market Trends

On the global stage, gold prices showed little movement on Friday but were on track for a weekly decline. This trend is attributed to a stronger dollar and robust U.S. economic data, as highlighted by Reuters.

Spot gold steadied at $3,333.20 per ounce, with U.S. gold futures also holding firm at $3,344.60. Despite this, bullion has seen a 0.5% decrease over the week.

Impact of the Dollar on Gold Prices

The dollar's continued strength, marking its second consecutive weekly gain, has made dollar-priced bullion more costly for investors using other currencies. Kelvin Wong, a senior market analyst at OANDA, commented on the resilience of the U.S. economy and the cautious stance of the Federal Reserve.

Gold's reputation as a safe-haven asset during economic uncertainty and its favorable performance in low-interest-rate environments were also discussed.