Gold prices fall

Saigon Jewelry Company gold bar price slid 0.49% to VND183.8 million (US$7,004.45) per tael. Other sellers also slashed their rates.

Gold ring price similarly slipped to VND183.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, spot gold was steady at $5,078.88 an ounce on Friday, though it was headed for a 3.7% weekly fall as rising yields and a stronger dollar eclipsed the yellow metal's safe-haven appeal, Reuters reported.

This would mark its first weekly decline in more than a month, fueled by a stronger U.S. dollar and inflationary risks linked to the ongoing war in the Middle East, according to Bloomberg.

The escalation has kept energy-supply worries elevated, supporting oil prices, fueling inflation concerns and dimming prospects for interest rate cuts.

Gold is often viewed as a hedge against long-term inflation, but tends to perform better when interest rates fall.

"The market is looking at higher oil ⁠prices and the potential for inflation, while higher Treasury yields usually aren't great for gold," said Bart Melek, global head of commodity strategy at TD Securities.

However, gold ⁠still has supportive fundamentals, Melek said, as "we're going to at some point start seeing evidence of significantly higher deficit in the U.S. ... and a massive amount of uncertainty."