Vietnam gold ring price falls as global bullion values face weekly decline

Gold bar price stood steady at VND81 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices inched up on Friday but were set for a weekly decline after slipping from record highs, as the U.S. dollar and Treasury yields rebounded ahead of Federal Reserve Chair Jerome Powell’s speech that could give clues on interest rate cuts, Reuters reported.

Spot gold rose 0.2% to $2,488.74 per ounce and U.S. gold futures gained 0.3% to $2,524.30.

Bullion, which hit an all-time high of $2,531.60 on Tuesday, has fallen nearly 1% this week, hurt by a bounce in dollar index and benchmark U.S. 10-year yields following an unanticipated increase in the unemployment rate.

“Gold has been treading higher (today), albeit cautiously given the event risk which awaits in the form of Powell’s Jackson Hole address,” said Tim Waterer, chief market analyst, KCM Trade.

“Gold’s stay below $2,500 could be temporary in nature, with the fundamentals still appearing favorable for the precious metal.”