In Vietnam, gold prices rose on Friday morning due to an increase in international bullion values.
The gold bar pricing of Saigon Jewelry Company increased by 0.25%, now standing at VND118 million (US$4,526.46) per tael.
The cost of a gold ring increased by 0.26%, reaching VND114.3 million per tael. It's worth noting that one tael is equivalent to 37.5 grams or approximately 1.2 ounces.
Worldwide, gold prices increased on Friday and were poised for a gain for the week. This upward trend occurred despite early positive sentiment following a phone conversation between U.S. President Donald Trump and China’s leader, Xi Jinping. The shift came as various weak U.S. economic reports took precedence, leaving traders eagerly awaiting the upcoming employment figures from the United States. Reuters reported.
Spot gold increased by 0.5%, trading at $3,368.49 per ounce. The precious metal has risen by 2.5% over the course of this week. Meanwhile, U.S. gold futures advanced by 0.5% to reach $3,391.40.
The initial excitement over risk appetite after the Trump-Xi conversation has begun to fade, allowing gold prices to edge up slightly," noted Tim Waterer, chief market analyst at KCM Trade. He further mentioned that this shift occurred despite President Trump’s positive outlook overshadowing recent poor U.S. economic indicators.
Last week, the number of Americans submitting initial claims for jobless benefits rose to a seven-month peak.
"If the forthcoming NFP figures result in a substantial deviation from projections on either end, this might trigger a breakthrough," Waterer stated.
Federal Reserve officials stated that high prices remain a bigger worry than the slowdown in job growth, indicating they will likely keep interest rates unchanged for some time.
Gold, frequently regarded as a shelter asset, usually thrives when the economy is uncertain and interest rates are low.
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