Gold Prices in Vietnam Decline

Saigon Jewelry Company reported a significant drop in gold bar prices, decreasing by 1.23% to VND120 million (US$4,608.83) per tael. Similarly, gold ring prices saw a reduction of 0.86%, settling at VND115.5 million per tael. It's noteworthy that a tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Market Trends

On the global stage, gold prices fell by over 1% on Friday. This decline was attributed to China's consideration of exempting certain U.S. imports from its tariffs, which diminished gold's appeal as a safe-haven asset. Spot gold decreased by 1.4% to $3,302.81 an ounce, while U.S. gold futures dropped by 1.1% to $3,312.80.

Impact of U.S.-China Trade Relations

China's potential move to exempt some U.S. imports from its 125% tariffs signals Beijing's concern over the economic repercussions of the ongoing trade war. IG market strategist Yeap Jun Rong commented, "The partial rollback of tariffs may be seen as a positive step towards de-escalating U.S.-China trade tensions, slightly reducing the allure of safe-haven assets like gold."

Gold's Performance and Future Outlook

Despite the recent dip, gold has had a remarkable year, surging nearly $700 and reaching multiple record highs, including a peak of $3,500.05 on Tuesday. The dollar index also rose by 0.3%, making gold more expensive for international buyers. Rong added, "Long-term structural support for gold remains, with emerging markets showing potential for further reserve diversification."