Gold prices inches up

Gold ring price decreased by 0.08% to VND68.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were on track on Friday to snap a three-week winning streak as surprisingly hot U.S. inflation readings prompted traders to re-think on how swiftly and deeply the Federal Reserve could cut interest rates this year, Reuters reported.

Spot gold was up 0.1% at $2,163.92 per ounce but on track to post a weekly fall of more than 0.6%, its first since mid-February.

U.S. gold futures were steady at $2,168.00.

U.S. producer prices increased more than expected in February. A reading on consumer inflation earlier this week also showed some stickiness in inflation.

Higher inflation adds pressure on the U.S. Fed to keep interest rates elevated, weighing on non-yielding assets such as gold, and increasing appeal for bonds, raising the dollar.