Gold prices fall
Vietnam's gold bar prices slipped Friday morning despite gains in global bullion rates.
Gold prices experienced a decline in the local market, with the price of a gold bar falling by 0.35% to VND142.2 million (US$5,424.80) per tael. However, this remains an increase of 0.85% compared to the previous week. The local gold price has narrowed the gap from global rates, which used to be over VND10 million higher. Similarly, the price of a gold ring decreased by 0.35% to VND141.7 million per tael.
A tael represents 37.5 grams or 1.2 ounces. On a global scale, gold prices rose on Friday and were on track for their largest weekly gain since January. This surge was attributed to weaker oil prices, while investors were eagerly awaiting the U.S. nonfarm payrolls data to gauge the interest rate outlook. Spot gold increased by 0.4% to $4,254.11 per ounce, after reaching a seven-week high in the previous session.
Prices had risen over 5% for the week. U.S. gold futures climbed 0.3% to $4,312.00. Analyst Matt Simpson from StoneX noted that hopes of peace in the Middle East led to a drop in inflation expectations, providing gold with a boost. He believes that $4,000 remains a significant support level, and investors are awaiting dips to capitalize on a much-needed correction towards $4,600.
Even if the Nonfarm Payrolls data (NFP) impacts the market, Simpson is confident that gold will continue its upward trajectory.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
