Gold prices decline

Saigon Jewelry Company gold bar price went down 1.43% to VND131.4 million (US$4,980.1) per tael.

Local bullion prices are currently VND15 million per tael higher than global rates.

Gold ring price fell 1.23% to VND128 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices gained on Friday and were set for a fourth consecutive weekly gain, as mounting concerns over a weakening U.S. labor market eclipsed inflation worries ahead of a widely expected Federal Reserve rate cut next week, Reuters reported.

Spot gold was up 0.5% at $3,651.92 per ounce. The contract hovered near a record high of $3,673.95 touched on Tuesday. Bullion has gained 1.8% so far this week. U.S. gold futures for December delivery were up 0.5% at $3,690.30.

"It's not far off from $3,700 ... so that could happen at any moment. In the short term, we see some resistance at about $3,900 according to our technical analysis, but long term, we feel that it is probably still heavily under-owned by most institutions," said Ryan McIntyre, managing partner at Sprott Inc.

The yellow metal has risen about 39% so far this year, driven by a soft dollar, strong central bank buying, dovish monetary policy and heightened global uncertainty.