A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Global gold prices headed for a weekly loss after hot inflation data trimmed rate-cut bets, while the market focus shifted to talks between U.S. President Donald Trump and his Russian counterpart Vladimir Putin.
Spot gold was little changed at $3,336.66 per ounce Friday and was down 1.8% for the week.
U.S. gold futures settled almost flat at $3,382.6.
Vietnam’s Saigon Jewelry Company (SJC) gold bar price was unchanged Saturday at VND124.5 million per tael. Gold ring was steady at VND119.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold in Vietnam has surged 48% since the beginning of the year.
The U.S. dollar eased, making dollar-denominated commodities more affordable for holders of other currencies.
Data on Thursday showed U.S. producer prices increased by the most in three years in July. Traders see a 89.1% chance of a 25-basis-point rate cut by the Federal Reserve in September, down from about 95% before the data was released.
Non-yielding gold prices fell following the data release, with spot gold closing 0.6% lower.
“Although gold prices stabilized on Friday, more pain could be around the corner depending on how the summit between Trump and Putin in Alaska plays out,” said Lukman Otunuga, senior research analyst at FXTM.
Trump headed to Alaska for what he called a “high-stakes” summit on Friday with Putin to discuss a ceasefire deal for Ukraine.