Market Overview

Spot gold showed little movement, closing at $3,336.66 per ounce on Friday, marking a 1.8% decline for the week. Meanwhile, U.S. gold futures remained nearly unchanged at $3,382.6.

Vietnam's Gold Market

In Vietnam, the Saigon Jewelry Company (SJC) reported no change in gold bar prices, holding steady at VND124.5 million per tael, with gold rings also unchanged at VND119.1 million per tael. Notably, gold prices in Vietnam have soared by 48% since the start of the year.

Currency and Economic Factors

The U.S. dollar weakened, enhancing the affordability of dollar-denominated commodities for international buyers. Recent data revealed a significant rise in U.S. producer prices in July, the largest in three years, influencing market expectations for a Federal Reserve rate cut.

Expert Analysis

"Despite Friday's stabilization in gold prices, potential market turbulence looms, contingent on the outcomes of the high-stakes summit between Trump and Putin in Alaska," remarked Lukman Otunuga, a senior research analyst at FXTM.