Saigon Jewelry Company gold bar price fell 0.52% to VND153.7 million (US$5,831.81) per tael. The same rate was also seen at lender ACB and jewelers Doji and PNJ.

Prices are still up 2.74% for the week and are more than VND21 million per tael higher than global rates.

Gold ring price slid 0.65% to VND151.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices edged higher on Friday and were poised for a weekly rise, supported by a weaker dollar, although gains were kept in check by hawkish comments from U.S. Federal Reserve officials dousing hopes of an interest rate cut in December, Reuters reported.

Spot gold was up 0.4% at $4,188.93 per ounce. Bullion is up 4.8% so far this week. U.S. gold futures for December delivery were steady at $4,191.90 per ounce.

“This week, gold has done well and it’s mainly because of a bit of a weakening of the dollar and also the speculative flows coming in expecting the Fed to lower interest rates,” GoldSilver Central MD Brian Lan said.

“However, the U.S. government has opened and because of all these slowdown and inflation fears, the expectations shifted slightly to that the Fed might not be looking to cut rates aggressively and this caused a slight pullback in gold prices.”

Non-yielding gold tends to do well in a low-interest-rate environment and during economic uncertainties.