Gold Prices in Vietnam

In Vietnam, the gold market experienced a notable increase as the Saigon Jewelry Company's gold bar price rose by 0.23% to VND87.1 million (US$3,430.49) per tael. Simultaneously, the gold ring price also went up by 0.23% to VND85.9 million per tael.

Global Gold Market

Conversely, the global gold market saw a decline as investors cashed in their profits following a surge to a more than one-month high earlier in the day. This rise was fueled by heightened expectations of an interest rate cut by the Federal Reserve next week, as reported by Reuters.

Spot gold prices dropped by 0.5% to $2,704.41 per ounce, after hitting its highest level since November 6 earlier in the session. Similarly, U.S. gold futures fell by 0.5% to $2,744.60.

Market Analyst Perspective

Ajay Kedia, director at Kedia Commodities in Mumbai, attributed the decline to profit booking, citing various factors that contributed to this week's gold rally, including geopolitical tensions, China's resumption of gold purchases, and inflation numbers that aligned with expectations.