Gold prices rise

Saigon Jewelry Company gold bar price rose 0.41% to VND146.6 million (US$5,622.26) per tael. The metal has gained 1.8% so far this week.

The gap between local and global bullion rates has narrowed to just VND2.8 million per tael, from VND15-20 million early this year.

Gold ring price also went up 0.41% to VND146.1 million per tael on Friday. A tael is 37.5 grams or 1.2 ounces.

Globally, gold prices edged higher on Friday and were on track for a third consecutive weekly gain, ‌supported by a weaker dollar and U.S. Treasury's bond buyback move, Reuters reported.

Spot gold was up 0.5% at $4,540.18 per ounce after hitting its highest level since early June in the previous session. Prices have climbed 3.6% so far this week. U.S. gold futures rose 0.6% to $4,596.60.

"We've seen the dollar weakening and that has supported not just gold but ⁠all precious metals, along with a big change in yields," said Brian Lan, managing director of GoldSilver Central.

Gold's upward trajectory would ‌be ⁠determined by what the Fed decides to do next and how those policies impact market rate expectations, he added.

Gold jewelry on sale at a store in Ho Chi Minh City, Vietnam. Photo by VnExpress/Quynh Tran

Data on Thursday showed the number of Americans filing claims for unemployment benefits slipped last week, suggesting that the labor market remains stable despite a surprise drop in employment in July, leaving the Fed in ⁠a position to keep its focus on containing inflation.

Despite gold being typically seen as an inflation hedge, higher interest rates tend to diminish bullion's appeal due to its non-yielding characteristic.