Gold prices drop

Saigon Jewelry Company gold bar declined by 0.53% to VND148.2 million (US$5,628.34) per tael.

Gold ring fell 0.34% to VND145.9 million per tael of 37.5 grams or 1.2 ounces. Gold price in Vietnam has risen 76% so far this year.

Globally gold prices held steady as investors hunkered down for U.S. private payroll data due this week to assess the chances of an additional U.S. Federal Reserve interest rate cut this year, Reuters reported.

Spot gold was little changed at $3,993.10 an ounce. "Gold is in the process of carving out a trading range, maybe in the high 3000s to the mid-4000s... this is a kind of expected consolidation after such a big move," said Marex analyst Edward Meir.

The metal, which has gained 53% this year, has dropped over 8% from a record high hit on October 20.

"Gold's pause still looks like a breather, not a breakdown. Seasonal softness, temporary Chinese policy noise, and a firmer dollar explain the short-term retreat, but none change the longer-term narrative," said Ole Hansen, head of commodity strategy at Saxo Bank, in a note.