Saigon Gold Bar Rises 1.23% Amid Global Bullion Gains
Saigon Jewelry Company's gold bar price increased to VND147.6 million per tael on Friday, supported by higher international spot rates and a softer US dollar.
Vietnam Gold Prices Climb
On Friday, Saigon Jewelry Company's gold bar price reached VND147.6 million (US$5,676.37) per tael, marking a 1.23% increase. This rise was influenced by an uptick in global bullion rates and a weaker US dollar. A tael is equivalent to 37.5 grams or 1.2 ounces. The metal has seen a 1.1% gain over the past week, yet it remains 3.5% lower compared to the start of 2026. Gold ring prices also climbed, up 1.24% to VND147.1 million per tael on Friday.
Global Bullion Trends
Globally, spot gold edged 0.3% higher to $4,355.05 per ounce on Friday. This movement occurred as lower oil prices and a subdued US dollar offered support. US gold futures, however, saw a slight decline of 0.1% to $4,394.10. The day's gain followed a 2% rebound in the prior session, which pushed gold above its 100-day moving average.
Despite these recent movements, bullion prices are nearly 20% below their level before the Iran conflict began in late February 2026.
Monetary Policy and Outlook
Oil prices fell for a third consecutive session, as signs of easing supply disruptions in the Middle East helped mitigate concerns over energy costs and inflation. On Wednesday, the US Federal Reserve raised interest rates and indicated the possibility of further increases in the coming months, Bloomberg reported.
Gold is traditionally seen as a hedge against inflation, but higher interest rates can reduce the appeal of the non-yielding metal. Goldman Sachs maintained its end-2027 gold price forecast at $5,400, noting that tighter monetary policy would likely slow, but not derail, bullion's rally.
For investors in Asia, the interplay of global monetary policy and commodity markets remains critical. The Federal Reserve's stance on interest rates, coupled with developments in the Middle East, directly influences global gold prices and, consequently, local markets like Vietnam's.
While a softer US dollar can support gold, sustained rate hikes by major central banks could temper its upward momentum. Asian investors should monitor upcoming central bank announcements and global economic data for clearer signals on bullion's short-to-medium term trajectory, particularly for the next Fed meeting scheduled for late October.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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