Gold prices recover

Gold prices rebounded Saturday morning, reversing a slip earlier this week.

Saigon Jewelry Company gold bar jumped 0.95% to VND159.8 million (US$6,082.99) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring was steady at VND156.8 million per tael. Bullion has risen 84% year-on-year.

Globally gold prices rose on Friday and were on track for a weekly gain, as investors weighed weaker-than-expected U.S. payrolls data along with broader policy and geopolitical uncertainty, Reuters reported.

Spot gold was up 0.5% at $4,496.09 per ounce and was set for about 3.9% weekly gain. Bullion hit a record high of $4,549.71 on Dec. 26.

“Payrolls are showing us a poor job creation environment. Potentially more (geopolitical tension), somewhat higher oil prices, which are inflationary, uncertainty and an easing Fed – all a combination for precious metals,” said Bart Melek, global head of commodity strategy at TD Securities.

Market participants continued to factor in at least two Federal Reserve rate cuts this year, a backdrop historically favorable for gold.