Gold prices decline
Vietnam's gold prices dipped on Friday morning as global bullion rates fell and was heading for a 3% weekly drop.
Gold prices have experienced a decline, with the price of gold jewelry bars in Vietnam falling 0.14% to VND144.1 million (US$5,543.37) per tael, according to Saigon Gold Jewelry Company. Ring prices also dropped to VND143.6 million per tael. Globally, gold prices continued to decline on Friday, positioning them for a second consecutive weekly drop due to a stronger US dollar and rising Treasury yields, while investors await key US employment figures for insights into the Federal Reserve's policy direction, as reported by Reuters.
Spot gold prices fell 0.6% to $4,154.78 per ounce, marking a decline of over 3% for the week. US gold futures experienced a 0.4% decrease to $4,184.00. The US dollar was projected to gain over the week, making metals priced in greenbacks more expensive for holders of other currencies.
Market analysts are closely monitoring US interest rate expectations and geopolitical developments in the Middle East, as highlighted by Kyle Rodda, a senior financial market analyst at Capital.com. The upcoming release of US nonfarm payroll data will be crucial for determining interest rate expectations. A strong employment report could heighten the likelihood of Federal Reserve rate hikes, which may further weigh on gold prices.
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