Gold Prices on the Rise

In a notable shift, the Saigon Jewelry Company has reported a 0.59% increase in the price of gold bars, now standing at VND85.5 million (US$3,358.87) per tael. A tael, equivalent to 37.5 grams or 1.2 ounces, has seen its value climb alongside gold rings, which also experienced a 0.59% hike to VND85.3 million per tael. This marks a 0.95% gain for both categories since Thursday.

Globally, gold prices have edged up, influenced by a softer U.S. dollar and increased safe haven flows. With a weekly gain in sight, attention is now focused on the potential economic and interest rate impacts of U.S. President-elect Donald Trump's proposed policy changes, as reported by Reuters.

Spot gold saw a 0.2% increase to $2,661.19 per ounce, reaching its highest level since December 13. Bullion has gained about 1.6% this week, with U.S. gold futures also rising by 0.2% to $2,675.40.

"We have seen an uptick in safe haven flows, which has been to the benefit of gold," stated Tim Waterer, chief market analyst at KCM Trade. He further noted, "Any pullback in the U.S. dollar could prove to be a catalyst for gold to breakout higher."

Last month, the U.S. central bank implemented its third consecutive rate cut, now projecting only two reductions in 2025. Gold thrives in low interest rate environments, serving as a hedge against economic and geopolitical uncertainties.