Vietnam Gold Prices Edge Up as Global Markets Remain Steady

Gold prices in Vietnam edged up on Friday morning, while global markets remained steady. The price of gold bars at Saigon Jewelry Company rose by 0.13% to VND148.6 million ($5,697.31) per tael.

Gold ring prices also gained 0.14% to VND148.1 million per tael. However, local gold prices have decreased by 2.75% since the start of the year and are around VND6.8 million higher than global rates.

Globally, spot gold held its ground at $4,468.27 per ounce after increasing 2% on Thursday. U.S. gold futures for December delivery fell 0.6% to $4,514.60.

Ross Maxwell from VT Markets predicted that 'weak figures and a rise in unemployment could weaken the case for a rate hike,' which could lead to a recovery in gold prices. However, he also noted that elevated interest rates can weigh on non-yielding assets like gold.