The price of gold in Vietnam saw a slight increase on Thursday morning due to stabilization in global rates.
The Saigon Jewelry Company saw an increase of 0.43% in their gold bars priced at VND117.7 million (US$4,509.06) per tael.
The price of a gold ring increased by 0.35%, reaching VND114 million per tael. It's worth noting that one tael is equivalent to 37.5 grams or approximately 1.2 ounces.
The price of gold has increased by 39.8% this year up till now.
Worldwide, gold prices remained steady on Thursday as investors evaluated disappointing U.S. economic figures along with persistent global economic and political instabilities. They also awaited the upcoming release of U.S. employment data for additional indications about the economy’s health. Reuters reported.
Spot gold maintained its position at $3,372.91 per ounce. Meanwhile, U.S. gold futures dipped slightly by 0.1%, settling at $3,396.60.
"As with many current markets, gold remains in a state of flux, largely influenced by President Trump’s trade-related comments – showing strength but reluctant to exceed this week's peak,” stated Matt Simpson, who serves as a senior analyst at City Index.
Volatility is being dampened as we wait for statements from FOMC members and the release of Friday's NFP report... This suggests a potentially higher number of job additions, which might put pressure on gold prices.
In periods of political and economic instability, gold serves as a refuge asset and generally performs well when interest rates are low.
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