Gold Market Update

Saigon Jewelry Company gold bar saw a decline of 0.49%, settling at VND121.1 million (US$4,631.87) per tael, while the gold ring price remained steady at VND118 million per tael.

Yearly Performance

Despite the recent drop, bullion in Vietnam has impressively risen by 43.8% so far this year.

Global Gold Prices

On the global stage, gold prices slipped on Friday, influenced by a stronger U.S. dollar and positive developments in U.S.-EU trade negotiations, which reduced the demand for safe-haven assets like gold.

Spot gold decreased by 0.9% to $3,336.01 per ounce, and U.S. gold futures were down by 1.1%, closing at $3,335.6.

Expert Insight

"The Japan deal was significant, and there's hope for a U.S.-EU agreement before the August 1 deadline. That's sapping safe-haven demand as elevated risk appetite drives capital toward risk assets," explained Peter Grant, vice president and senior metals strategist at Zaner Metals.