Saigon Jewelry Company gold bar price slid 0.36% to VND139.5 million (US$5,299.95) per tael.
Local bullion rates have declined by 5.42% so far this week and are around VND10 million per tael higher than global prices.
Gold ring price also slipped 0.36% to VND138.5 million per tael on Friday. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold extended losses on Friday after falling 2% in the previous session, as Brent crude’s move back above $100 a barrel stoked inflation concerns and strengthened the case for higher interest rates ahead of a Federal Reserve policy meeting next week, Reuters reported.
Spot gold eased 0.4% to $4,030.09 per ounce, with prices down more than $130 from a two-week high hit on Wednesday. Bullion was still on track for a small weekly gain of 0.4%. U.S. gold futures for August delivery were 0.4% lower at $4,033.20.
“In the short term, we expect more volatility… gold has been trading between $3,980 all the way to about $4,170 and has been stuck in this way for weeks,” said GoldSilver Central Managing Director Brian Lan. “Every time prices hit close to $4,000 or slightly below, we see that there will be big buyers coming to buy it back up.”
Brent crude has surged 7% on Thursday, breaking through $100 a barrel for the first time since May in one of the steepest rises since the war has started. Elevated crude oil prices fuel concerns about inflation and higher-for-longer interest rates, weighing on non-yielding gold.
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