Gold prices slip
Vietnam gold bar prices fell Friday morning as global bullion rates headed for a weekly drop.
Gold prices are experiencing a slight decline, slipping by 0.69% to VND143.3 million per tael, according to Saigon Jewelry Company. This represents a 0.49% decrease this week, with local rates being 0.3 million VND higher than global levels. On Friday, gold ring prices dropped by 0.7% to VND142.8 million per tael.
The global gold market saw a decline on Friday, with expectations of a weekly loss. Investors appear to be taking profits following mild U.S. inflation data, which had previously driven bullion prices to their highest level in over two months. Spot gold fell 0.5% to $4,326.75 per ounce, and gold futures for December delivery slipped nearly 1% to $4,382.50.
Earlier in the week, gold had reached its highest point since June 5 before settling 1.3% lower. This price movement has raised expectations of a potential weekly loss. Economists suggest that some investors might be capitalizing on the current dip, as there is no imminent catalyst driving gold prices higher in the near term. Ilya Spivak, head of global macro at finance content network Tastylive, noted that gold may be setting up for a meaningful rally, potentially reaching $5,000 by year-end if it manages to surpass $4,400.
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