Saigon Jewelry Company gold bar price plunged 3.04% to VND146.7 million (US$5,569.51) per tael.
Local bullion rates are down 0.2% for the week and around VND14.5 million per tael higher than global prices.
Gold ring price also slid 3.04% to VND146.6 million per tael on Friday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were on track for a third consecutive weekly decline, falling more than 1% on Friday, as a stronger dollar and hawkish signals from the U.S. Federal Reserve weighed on the metal, Reuters reported.
Spot gold was down 1.1% at $4,163.93 per ounce. U.S. gold futures for August delivery fell 1.5% to $4,181.20.
The dollar rose to a one-year high, making greenback-priced bullion more expensive for other currency holders.
Nine of the U.S. central bank’s 19 policymakers believe they will need to raise the policy rate this year. Gold tends to lose appeal when rates are high, as it does not yield interest.
“Gold’s rally on the back of the U.S.-Iran peace deal proved short-lived. The resurgent dollar, powered by the Fed’s newly hawkish tone under Kevin Warsh, has stolen the spotlight,” said Tim Waterer, chief market analyst at KCM Trade.
Goldman Sachs cut its gold price outlook to $4,900 per ounce by December from its earlier forecast of $5,400, with the bank not expecting a Fed rate cut this year.
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