Gold prices dip

Saigon Gold Jewelry Company gold bar price dipped 0.21% to VND142 million (US$5,495.57) per tael. The metal is down 1.11% so far this week.

Gold ring price dropped 0.93% to VND139 million per tael on Friday. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold eased on Friday, headed for its steepest ‌weekly decline in over four months as elevated oil prices bolstered higher-for-longer interest rate expectations, while investors awaited next week's Federal Reserve policy meet, Reuters reported.

Spot gold eased 0.2% to $4,016.27 per ounce, paring losses slightly after it dipped below $4,000 to its lowest level since July 20 earlier in the session.

The metal has fallen 3.5% so far this week, which is poised to be its ⁠worst since June. US gold futures for December delivery dropped 0.7% to $4,030.40.

A person holds gold bars at a store in Ho Chi MInh City. Photo by VnExpress/Quynh Tran

Monte Safieddine, head of market research at Capital.com, said speculators are trying to defend the key $4,000 level because a clean break below would signal that the market has stopped pricing rate relief and started pricing sticky inflation, elevated yields and a stronger dollar.

"Any further escalation on the geopolitical front risks pushing oil even higher. Higher oil is reviving inflation fears, lifting yields, and delaying Fed easing. That is a difficult cocktail for bullion," Safieddine added.