Gold prices gain

Saigon Gold Jewelry Company gold bar price gained 0.42% to VND143.9 million (US$5,561.03) per tael.

Gold ring price rose by the same rate to VND143.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold edged up on Friday amid a weakened dollar, but was still on track for a small weekly loss as investors assessed the Federal Reserve’s signals on interest rate.

Spot gold rose 0.2% to US$4,177.82 per ounce, but was down 0.5% so far in the week. US gold futures for December delivery jumped 0.7% to US$4,199.10.

Fed chair Kevin Warsh offered little indication at the International Monetary Fund meeting in Bangkok on Friday to challenge expectations that the central bank would keep interest rates unchanged in October.

"While inflation remains a concern and further tightening cannot be ruled out, Warsh’s latest tone suggests little urgency to deliver consecutive rate hikes." said Gerald Gan, chief investment officer at Reed Capital Partners, per Bloomberg.

A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung

"Gold has been trapped in a range of US$4,221, with the bottom of the range at US$4,075 being met earlier this week," said Kelvin Wong, a senior market analyst at OANDA, as quoted by Reuters. "Inflationary trends still remain hot as the core CPI data and core PPI data for September are hitting beyond expectations."

Gold is often considered a hedge against inflation, but higher interest rates reduce the appeal of the non-yielding metal.