Gold prices edges up after sharp drop

Gold bar price rose 1.17% to VND86.5 million per tael after it fell 3.9% on Thursday. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price gained 1.19% to VND84.8 million per tael following a nearly 5% plunge the previous day.

Globally, gold prices fell on Friday and were headed for a second straight weekly fall as traders assessed the impact of Donald Trump's presidency and its implications for U.S. interest rates, Reuters reported.

Spot gold fell 0.8% to $2,685.70 per ounce as of 0743 GMT and has slid nearly 2% this week. Prices hit over three-week lows on Wednesday in the aftermath of Trump's U.S. presidential election win, but rebounded by over 1% a day later. U.S. gold futures shed 0.5% to $2,693.20.

The U.S. dollar index was set for a slight weekly gain after Trump's election victory. A stronger dollar makes bullion more expensive for overseas buyers.

"The gold market was waiting for a trigger to prompt some liquidation. There is some kind of uncertainty on the trajectory of U.S. rate cuts and that's why we are seeing this pullback in gold," said Soni Kumari, a commodity strategist at ANZ.