Gold prices rise
Vietnam gold prices climbed on Friday as global bullion rates edged higher.
Gold prices surged in the market. Saigon Jewelry Company reported a 1.23% increase in gold bar price to VND147.6 million (US$5,676.37) per tael. A tael weighs 37.5 grams or 1.2 ounces. Throughout the week, gold has risen 1.1%, although it is down 3.5% from the beginning of the year. On Friday, gold ring prices climbed 1.24% to VND147.1 million per tael.
Globally, gold exhibited a slight upward trend on Friday. Lower oil prices and a weaker U.S. dollar provided support, while investors remained focused on Middle Eastern developments and the global monetary policy outlook, according to Reuters.
Spot gold increased by 0.3% to $4,355.05 per ounce. U.S. gold futures, however, decreased by 0.1% to $4,394.10. The rise followed a 2% rebound in the previous session, propelling gold above the 100-day moving average, a crucial market momentum indicator. Despite this, gold remains nearly 20% below its level before the Iran war started in late February.
Oil prices continued to fall for the third consecutive day due to signs of reduced supply disruptions in the Middle East, easing concerns about energy costs and inflation. The Federal Reserve raised interest rates on Wednesday and hinted at further increases in the coming months, as reported by Bloomberg.
Gold is traditionally considered a hedge against inflation; however, rising rates can negatively impact the non-yielding metal. Goldman Sachs maintained its end-2027 gold price forecast at $5,400 despite the Federal Reserve's rate increase, stating that tighter policy is likely to slow gold's rally but not entirely eliminate it.
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