Saigon Jewelry Company gold bar price jumped 2.02% to VND151.4 million (US$5,756.11) per tael. A tael equals 37.5 grams or 1.2 ounces.
Local bullion rates are up 1.9% for the week and around VND18 million per tael higher than global prices.
Gold ring price also rose 2.02% to VND151.3 million per tael on Friday.
Globally, gold rose more than 1% on Friday and was headed for its first weekly gain in five, as investors dialed back expectations of Federal Reserve interest rate hikes following softer-than-expected U.S. jobs data, Reuters reported.
Spot gold was up 1.4% to $4,179.94 per ounce, rising to its highest level since June 23. U.S. gold futures for August delivery gained 1.6% to $4,193.20.
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A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
Bullion was on track for a weekly gain of 2.3%, its first since the week of May 25, as weaker-than-expected nonfarm payrolls and private payrolls data tempered concerns around inflation and higher-for-longer interest rates.
However, “we have not seen a total erasure of rate hike pricing… by the end of the year, there could be still another leg of potential gold weakness coming into play,” with prices potentially reaching the $3,500/oz level, said Kelvin Wong, a senior market analyst at OANDA.
Meanwhile, the World Gold Council said that central banks were back in buying mode in May and, based on the latest reported data, official gold reserves increased by a net 41 tons during the month.
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