Gold prices rise – VnExpress International
Saigon Jewelry Company gold bar price rose 1.23% to VND147.6 million (US$5,676.37) per tael. A tael equals 37.5 grams or 1.2 ounces.
The metal has gained 1.1% so far this week but is still down 3.5% from the start of the year.
Gold ring price was up 1.24% to VND147.1 million per tael on Friday.
Globally gold inched higher on Friday as lower oil prices and a subdued U.S. dollar offered support, while market participants kept their focus on developments in the Middle East and the outlook for global monetary policy, Reuters reported.
Spot gold was up 0.3% at $4,355.05 per ounce. U.S. gold futures were down 0.1% at $4,394.10.
The gain came after a 2% rebound in the previous session, which has pushed gold back above the 100-day moving average, a gauge of market momentum. Nonetheless, bullion remains nearly 20% below its level before the Iran war began in late February.
Oil fell for a third straight session as signs of easing supply disruptions in the Middle East helped alleviate concerns over energy costs and inflation. The Federal Reserve raised interest rates on Wednesday and signaled that further increases could come in the months ahead, according to Bloomberg.
Gold is traditionally viewed as a hedge against inflation, but higher rates can weigh on the non-yielding metal.
Goldman Sachs kept its end-2027 gold price forecast at $5,400 despite the Fed rate increase, saying tighter policy is likely to slow bullion’s rally but not derail it.
