Gold prices fall

Saigon Gold Jewelry Company gold bar price fell 0.91% to VND141.4 million (US$5,482.32) per tael, its lowest since Sept. 29. The metal is down 0.21% so far this week.

Gold ring price slid 0.29% to VND138.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold slipped on Friday as higher oil prices spurred inflation concerns and robust US inflation data strengthened the case for another Federal Reserve rate hike later this year, Reuters reported.

Spot gold was down 0.6% at $3,997.39 per ounce, while US gold futures for December delivery dropped 0.6% to $4,007.80. Bullion was on track for a ⁠second consecutive monthly decline.

US inflation accelerated in ‌September ⁠as consumers paid more for gasoline and other goods, supporting economists' expectations of an interest rate increase from the Fed in December.

Higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal to investors.

"There were enough bullish indicators in the US macro data this week to keep the Fed on track for a potential December hike, which combined with oil at present levels means that gold continues to lose out from an inflation perspective," said Tim Waterer, chief market analyst at KCM Trade.

"Dip buying has previously limited declines, but it remains to be seen whether value buying will come to gold’s rescue."