Gold prices edge up

Saigon Jewelry Company gold bar went up 0.65% to VND185 million (US$7,055.70) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring also increased by 0.65% to VND185 million per tael. Gold prices in Vietnam have risen 21% so far this year.

Globally gold rose on Friday after softer U.S. payrolls data kept hopes of a Federal ‌Reserve rate cut alive, but remained on track for its first weekly decline in five weeks as a stronger dollar kept gains in check, Reuters reported.

Spot gold was up 1.4% at $5,149.14 per ounce, but was down 2.4% this week. U.S. gold futures for April delivery settled 1.6% higher at $5,158.70.

The U.S. dollar index was set for its strongest weekly rise in over a year ‌as the ⁠escalating conflict in the Middle East drove demand for safe-haven assets.

Gold is often viewed as ⁠a long-term inflation hedge, but typically performs well in low interest-rate environments because it yields no income. It is up more than 18% so far this year.