Gold Prices Slide Amid Global Rally

Gold prices experienced a significant drop on Friday, with the gold ring price falling 0.47% to VND83.9 million per tael. A tael, equivalent to 37.5 grams or 1.2 ounces, saw a notable decline in value.

Globally, gold prices edged higher but were on track for a second consecutive week of decline. Market participants are now looking to the U.S. payrolls data, which is expected to provide insights into the trajectory of interest rate cuts, according to Reuters.

Spot gold rose 0.3% to $2,638.66 per ounce after hitting its lowest since Nov. 26 earlier in the session. Prices are down about 0.4% so far this week. U.S. gold futures rose 0.5% to $2,661.00.

Fed Chair Jerome Powell recently stated that the U.S. economy is stronger than previously thought, potentially allowing policymakers to be more cautious in further reducing rates. Higher rates typically diminish the appeal of non-yielding bullion.