Saigon Jewelry Company gold bar price slid 0.69% to VND143.3 million (US$5,490.21) per tael, having lost 0.49% so far this week.
Local prices are around VND6.3 million per tael higher than global rates.
Gold ring price was down 0.7% at VND142.8 million per tael on Friday. A tael is 37.5 grams or 1.2 ounces.
Globally, gold prices slipped on Friday and were headed for a weekly loss as investors locked in profits after mild U.S. inflation data propelled bullion to its highest level in more than two months and weakened the case for a near-term Federal Reserve rate hike, Reuters reported.
Spot gold was down 0.5% at $4,326.75 per ounce. Bullion climbed to its highest point since June 5 on Thursday, before settling 1.3% lower and setting it on track for a weekly loss.
U.S. gold futures for December delivery slid nearly 1% to $4,382.50. The non-yielding metal got a boost after an unexpected drop in U.S. July nonfarm payrolls last week, followed by softer inflation data this week, sharply reducing expectations of a rate hike next month.
“There is some episodic and more speculative capital that’s maybe taking a bit of profit in gold, because there’s not a near-term catalyst quite so potent immediately in front of us,” said Ilya Spivak, head of global macro at finance content network Tastylive.
“Gold may be setting up, with some choppy trading along the way, for a meaningful rally now. And if we can take out $4,400, I don’t think $5,000 by year end is any kind of a sketch.”