The price of gold bars in Vietnam decreased on Friday morning due to easing international bullion rates.
The price of Saigon Jewelry Company’s gold bars decreased by 0.25% to VND120.2 million (US$4,627.34) per tael.
The cost of gold rings remained constant at VND116.5 million per tael. It’s worth noting that one tael equates to 37.5 grams or approximately 1.2 ounces.
In their most recent report to the National Assembly, the State Bank of Vietnam stated that the availability of gold bars in the domestic market hasn’t risen since the beginning of the year because the central bank ceased selling the valuable metal to SJC along with various state-owned banks.
Worldwide, gold prices dropped on Friday following U.S. President Donald Trump’s announcement of a trade agreement with the United Kingdom, which reduced gold’s attractiveness as a safe haven. Meanwhile, all eyes turned to upcoming discussions between the U.S. and China over the weekend.
Reuters
reported.
Benchmark gold declined by 0.8% to reach $3,277.67 per ounce. American gold futures dropped by 0.7%, settling at $3,282.80.
A 10% duty continues to be imposed on products coming into the country from the UK, whereas Britain has consented to reduce its duties from 5.1% to 1.8%, along with enhancing market access for American merchandise.
“The primary factor behind the decrease in gold prices seems to be the advancement in trade discussions and the U.S.-UK agreement,” stated Kyle Rodda, a financial markets analyst at Capital.com.
High-level discussions between the United States and China over the weekend are also redirecting investments away from gold.
Trump said on Thursday he expects there to be substantive negotiations between the United States and China on trade this weekend and predicted that punitive U.S. tariffs on Beijing of 145% would likely come down.
Historically, gold has been viewed as a safeguard against economic and political instabilities, performing well particularly when interest rates are low.
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