Gold prices in Vietnam saw a slight increase on Friday morning, following global trends in the bullion market. The price of a gold bar from Saigon Jewelry Company rose by 0.25%, reaching VND118 million (approximately $4,526.46) per tael.
Meanwhile, the price of gold rings gained 0.26%, reaching VND114.3 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.
Globally, gold prices also increased on Friday, heading towards weekly gains. The rise came as weaker U.S. economic data outweighed early optimism from a call between U.S. President Donald Trump and Chinese President Xi Jinping. Investors are also awaiting the upcoming U.S. payroll data, according to Reuters.
Spot gold rose 0.5%, reaching $3,368.49 per ounce. Bullion has gained 2.5% this week. U.S. gold futures also climbed by 0.5%, hitting $3,391.40.
Tim Waterer, chief market analyst at KCM Trade, noted that initial excitement about the Trump-Xi call faded, allowing gold prices to rise. He pointed out that Trump’s optimistic remarks had previously overshadowed weak U.S. economic data.
In the U.S., new unemployment claims reached a seven-month high last week.
Waterer added that the upcoming Non-Farm Payroll (NFP) data could lead to significant market movement, depending on whether it meets or misses expectations.
Federal Reserve policymakers have indicated that inflation remains a bigger concern than a slowing labor market, suggesting a prolonged period of stable interest rates.
Gold, traditionally seen as a safe-haven asset, tends to perform well during periods of economic uncertainty and low interest rates.
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