Gold Prices on the Rise

Saigon Jewelry Company reports a 0.41% increase in gold bar prices, reaching VND121 million (US$4,650.01) per tael. Notably, a tael is equivalent to 37.5 grams or 1.2 ounces.

Surge in Gold Ring Prices

Gold ring prices have seen a more significant jump, rising by 0.86% to VND116.5 million per tael.

Global Influences on Gold Prices

This year, gold prices have skyrocketed by 43.7%. The State Bank of Vietnam attributes this surge to several factors, including global geopolitical tensions, increased purchases by central banks, and the U.S. high import tariffs.

Recent Dip in Global Gold Prices

Despite the overall upward trend, global gold prices fell by 2% on Friday, heading for a weekly decline. This drop is linked to a stronger dollar and signs of easing U.S.-China trade tensions, following reports that Beijing exempted some U.S. goods from its tariffs.

Spot gold was down 1.7% at $3,292.99 an ounce, after a session low of a 2% decrease. For the week, bullion is down 1.2%.