Gold prices soar on God of Wealth Day

Gold ring price increased by 0.45% to VND89.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Many gold stores in HCMC were packed on Friday morning as people flock to these establishments to buy gold on the God of Wealth Day (the 10th day of the lunar year, or Feb. 7 this year).

Buying the precious metal on this occasion is believed to bring good fortune to business and families throughout the year.

Globally, gold prices rose on Friday, hovering near record-high levels and set for a sixth successive weekly gain, as trade war concerns fuelled safe-haven buying ahead of the key U.S. payrolls report, Reuters reported.

Spot gold was up 0.4% at $2,867.69 per ounce and has gained more than 2% this week. Bullion hit an all-time high at $2,882.16 on Wednesday. U.S. gold futures gained 0.5% to $2,889.80.

Earlier this week, the World Trade Organization said China initiated a dispute over the U.S. tariffs.

Goldman Sachs said they see upside risk to their $3,000 target from a potentially persistent boost from elevated U.S. policy uncertainty to central bank and investor hedging demand.

Focus now shifts to the U.S. employment report. A full-employment economy with solid growth and falling inflation will let the Federal Reserve continue cutting rates, though uncertainty about the impact of tariffs and other policy changes argues for a slower approach, Chicago Federal Reserve President Austan Goolsbee said on Thursday.

Gold is considered a safe investment during economic and geopolitical turmoil, but higher interest rates reduce the non-yielding asset's appeal.