Gold Bar Prices Decline

The Saigon Jewelry Company reported a 0.31% decrease in gold bar prices, now at VND97.4 million (US$3,803.95) per tael, marking a nearly 3% drop from its historic peak of VND100.4 million last Thursday.

Global Gold Market Trends

Globally, gold prices fell by 1% on Friday, influenced by a stronger dollar and profit-taking activities. Despite this, gold is on track for its third consecutive weekly rise, buoyed by geopolitical tensions, economic uncertainties, and anticipation of U.S. Federal Reserve rate cuts.

Spot gold dropped to $3,015.43 an ounce, while U.S. gold futures settled 0.7% lower at $3,021.40. This week, bullion has still managed a 1% gain.

Safe-Haven Demand Continues

Gold, a traditional safe-haven asset, has reached 16 record highs this year, peaking at $3,057.21 per ounce on Thursday. Analysts attribute the slight pullback to profit-taking and a stronger dollar but emphasize that underlying demand remains strong due to ongoing geopolitical and trade concerns.

"The market is taking a bit of a breather. There's some profit-taking at these levels and also the dollar is stronger today," noted Marex analyst Edward Meir.

"Ongoing safe-haven demand, both based on trade concerns and geopolitical risks, continues to be the primary driving force," added Peter Grant, vice president and senior metals strategist at Zaner Metals.