Gold prices dropped on Friday, with Saigon Jewelry Company reporting a 0.25% decrease to VND78.45 million ($3,200.13) per tael. Similarly, the price of a gold ring also fell by 0.07% to VND64.65 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.
Despite the local decline, globally, gold prices saw a slight increase on Friday and were poised for their first weekly rise in three weeks. This uptick was attributed to a weakening U.S. dollar and escalating tensions in the Middle East, which boosted the appeal of bullion.
As of 0411 GMT, spot gold was up 0.1% at $2,025.7 per ounce, marking a 0.7% gain for the week. Meanwhile, U.S. gold futures edged 0.2% higher to $2,035.3 per ounce, according to Reuters.
Analyst Edward Meir from Marex noted that there has been significant physical buying, particularly from central banks, and the stagnant movement of the U.S. dollar has provided support to gold prices. Additionally, geopolitical uncertainties and tensions have further bolstered the precious metal’s value.
Investors should continue to monitor global events and economic indicators that may impact gold prices in the future.
