Gold prices drop

Gold ring price dropped 0.37% to VND54 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices dropped to their lowest in eight weeks on Friday, pushed down by a stronger dollar and bond yields as the market braced for more interest rate hikes by the U.S. Federal Reserve in the coming months, Reuters reported.

U.S. inflation accelerated while consumer spending rebounded sharply by 1.8% in January, reinforcing expectations that the Fed will remain hawkish.

Spot gold fell 0.6% to $1,810.89 per ounce, having touched its lowest since Dec. 30, at $1,808.7.

Yields are rising after the data, while also feeding into further dollar strength, which is kryptonite for gold, said Edward Moya, senior market analyst at OANDA.

Pressuring gold, the dollar index rose to a seven-week peak, while benchmark yields were also en route to their fifth weekly rise.