Vietnam’s gold prices slipped slightly on Friday morning, even as the global market showed gains driven by worries over the US fiscal outlook and a softer dollar.
Saigon Jewelry Company reported its gold bar price falling 0.41% to VND120 million (about $4,622) per tael. Meanwhile, gold rings held steady at VND115.5 million per tael.
Despite the local drop, gold has surged 42.5% in Vietnam since the start of the year, reflecting a broader global trend.
Internationally, gold was on track for its strongest weekly gain in over a month. Spot gold prices rose 0.3% to $3,303.92 an ounce, marking a 3% increase this week and a solid recovery since early April.
Tim Waterer, Chief Market Analyst at KCM Trade, noted that rising concerns about the US fiscal situation have shifted investor sentiment away from riskier assets and back toward gold’s safe-haven status.
“With tariff uncertainties, US debt worries, and ongoing geopolitical tensions, gold is likely to maintain its position above the $3,000 level,” Waterer said.
