Gold price drops

Saigon Jewelry Company gold dropped 0.68% to VND117.2 million (US$4,498.35) per tael.

Gold ring fell 0.70% to VND113.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold has risen 39% so far this year.

Globally gold prices slipped more than 1% on Friday after a stronger-than-expected U.S. jobs report dampened hopes for imminent Federal Reserve rate cuts this year, while silver soared to its highest level since 2012, Reuters reported.

Spot gold fell 1.1% to $3,316.13 an ounce but rose 0.8% for the week so far.

Gold is considered a hedge against inflation and geopolitical uncertainty. But higher rates reduce the appeal of bullion as it yields no interest.

A U.S. Labor Department report showed non-farm payrolls increased 139,000 in May, compared with estimates for a rise of 130,000, according to economists polled by Reuters. The unemployment rate stood at 4.2%, in line with estimates.

Data came in line with estimates, which is a negative for gold as the data suggests that the Fed is going to stay on hold for a little while, Marex analyst Edward Meir said.

"These are very difficult negotiations and they're not going to be solved just on the phone. If the tariff headlines become negative, that's bullish for gold," Meir added.