Gold rings on display at a shop in Hanoi. Photo by VnExpress/Giang Huy
Vietnam gold ring price rose by 0.12% to VND81.8 million (US$3,222.06) per tael Friday morning while global bullion values increased slightly.
Gold bar price held firm at VND83.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold traded little changed on Friday, but was set for its worst week in more than three years, hurt by a stronger U.S. dollar amid expectations of fewer Federal Reserve rate cuts, Reuters reported.
Spot gold rose 0.1% to $2,569.69 per ounce after a five-session slide. It was down more than 4% for the week so far. U.S. gold futures were up 0.1% at $2,574.50.
Bullion hit a two-month low in the previous session and has declined more than $220 from the record peak hit last month.
The U.S. dollar continued its relentless march higher this week following Donald Trump’s election victory, making bullion more expensive for other currency holders.
Gold’s weakness reflects expectations of a more restrictive U.S. monetary policy in 2025 under Trump, said Fawad Razaqzada, market analyst at Forex.com.
Higher interest rates increase the opportunity cost of holding bullion.
