Saigon Jewelry Company gold bar price jumped 0.6% to VND149.9 million (US$5,702.33) per tael, but is still down nearly 1% for the week.
Local bullion rates are around VND18.3 million per tael higher than global prices.
Gold ring price went up 0.47% to VND149.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged higher on Friday as the dollar softened, but were on track for a weekly decline on concerns that escalating U.S.-Iran tensions could fuel inflation and keep the U.S. Federal Reserve on a hawkish monetary policy path, Reuters reported.
Spot gold was up 0.2% at $4,128.92 per ounce, heading for an over 1% weekly fall. U.S. gold futures for August delivery were steady at $4,139.50.
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A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
The latest round of U.S-Iran strikes has fueled inflation concerns and reinforced the probability of the Fed raising interest rates this year. While gold is typically seen as a hedge against inflation, the non-yielding meta loses its appeal in a high-interest-rate environment.
Traders are “hesitant to commit to further upside amid the prevailing uncertainty over US-Iran relations,” said Tim Waterer, chief market analyst at KCM Trade.
“I expect gold will continue to attract buyers on dips as long as oil stays around current levels. However, any sharp spike in oil could reignite inflation and interest rate fears, which would be to gold’s detriment,” he added.
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