Gold prices plummet

Gold ring price also slid 1.1% to VND69.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices edged higher on Friday and were set for a fourth weekly rise in five after the U.S. Federal Reserve maintained its interest rate cut projections for the year, boosting investor sentiment, according to Reuters.

Spot gold was up 0.1% at $2,183.93 per ounce after hitting an all-time high on Thursday. Bullion has risen 1.3% so far this week.

U.S. gold futures were also up 0.1% at $2,186 per ounce.

The U.S. central bank held rates steady on Wednesday, but policymakers indicated they still expected to reduce them by three-quarters of a percentage point by the end of 2024 despite recent high inflation readings.

Fed Chair Jerome Powell said recent high inflation readings had not changed the overall story of slowly easing U.S. price pressures.

Gold, which pays no interest, tends to benefit when interest rates fall as this reduces the opportunity cost of holding bullion.