On Friday, gold prices in Vietnam experienced a dip while global bullion prices noted a hike. The price of a gold bar from the Saigon Jewelry Company witnessed a decrease of 1.01%, bringing its value down to VND175.4 million (US$6,757.33) per tael. Each tael weighs 37.5 grams or 1.2 ounces. This price adjustment was reflected among other sellers in the market.
In the past two days, local bullion prices have seen a decline of 2.66%, standing at VND20 million more per tael than their international equivalents. However, the price of gold rings increased by 0.23%, bringing its cost to VND174.9 million per tael.
Globally, the gold market managed to recover from its early losses on Friday. However, it is expected to report a consecutive weekly decrease as a result of the global tech equity rout and a strengthened U.S. dollar, which have overshadowed the gains the metal experienced during an initial recovery earlier this week.
Spot gold experienced a 0.4% increase, reaching $4,790.80 per ounce. Despite this, it recorded a 1.4% decrease for the week. Meanwhile, U.S. gold futures set for April delivery witnessed a 1.7% decline, dropping to $4,806.50 per ounce.
According to Ilya Spivak, head of global macro at Tastylive, “Risk appetite appears to be diminished as stocks are down, and we’re noticing a significant breakdown in Bitcoin. These factors indicate a general weakening of risk sentiment. In such a scenario, while gold is proving resilient, silver is succumbing to the risk-off environment.”
The U.S. dollar remained steady near a two-week high and is expected to record its strongest weekly performance since November. A stronger dollar elevates the cost of greenback-priced assets for holders of other currencies.
What was the decline in the price of gold in Vietnam?
The price of a gold bar from the Saigon Jewelry Company decreased by 1.01%, reducing its value to VND175.4 million per tael.
How did global gold prices perform?
Despite recovering from early losses and rising by 0.4%, spot gold was down by 1.4% for the week.
What effect does a stronger U.S. dollar have on greenback-priced assets?
A stronger U.S. dollar makes greenback-priced assets more expensive for holders of other currencies.
