Saigon Jewelry Company gold bar price fell 0.25% to VND162 million (US$6,145.68) per tael.
Local bullion rates have dropped 0.92% since the start of the week and are around VND18 million per tael higher than global prices.
Gold ring price also declined by 0.25% to VND161.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold edged lower on Friday and was headed for its second consecutive weekly loss, pressured by a stronger dollar and higher oil prices that boosted expectations of interest rate hikes by the U.S. Federal Reserve, Reuters reported.
Spot gold was down 0.4% at $4,522.89 per ounce. The metal was down about 0.3% for the week so far. U.S. gold futures for June delivery lost 0.4% to $4,524.40.
“What’s been driving (gold) lower has been the stronger dollar, which in turn is being elevated by ongoing high interest rates pretty much around the world,” Edward Meir, an analyst at Marex, told Reuters.
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Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
The dollar held near a six-week high, making greenback-priced bullion more expensive for holders of other currencies.
Oil prices climbed as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks, stoking inflation risks and fears of higher interest rates, which weigh on non-yielding gold.
The metal has been moving within a narrow range after its steep drop in the early stages of the Middle East conflict. It is down almost 14% since the conflict began in late February, according to Bloomberg.
