A person holds gold jewelry at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The SJC gold price fell 0.14 percent to VND72.2 million ($2,978.55) per tael on Monday morning.
The price of the gold ring increased by 0.33% to 61.6 million VND per tael. One tael is equal to 37.5 grams or 1.2 ounces.
Globally, gold surpassed the key $2,000 level on Friday, posting its second consecutive weekly gain, swinging against a weaker U.S. dollar on a bet that the U.S. Federal Reserve is done with its cycle increase in interest rates. Reuters reported.
Spot gold rose 0.5% to $2,001.97 an ounce and is up more than 1% so far this week. U.S. gold futures rose 0.5% to $2,003.00.
The dollar index deteriorated on weaker data released this week, which should move the Fed towards a more dovish pivot, which could then be a tailwind for gold in 2024, Phillip Streible said , chief market strategist at Blue Line Futures in Chicago.
