Gold Prices Hold Firm in Local Markets

Saigon Jewelry Company reports gold bar prices steady at VND121.7 million (US$4,655.79) per tael, with gold rings maintaining at VND117.5 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Prices Experience Slight Dip

On the global stage, gold prices saw a minor decrease on Friday. This shift is attributed to optimistic trade negotiations between the U.S. and its partners, reducing safe-haven demand. However, a weaker dollar has helped cushion the fall, with spot gold down 0.3% at $3,355.75 per ounce and U.S. gold futures dropping 0.4% to $3,358.60.

Market Analysts Weigh In

"Profit-taking by short-term bullish speculators is evident, fueled by emerging trade-deal optimism," notes OANDA senior market analyst Kelvin Wong. He adds, "Despite this, the dollar's weakening trend and anticipated Fed rate cuts continue to support gold prices around the $3,360 mark."