VINACHEM

SJC gold price dropped 0.15% to VND67.2 million per tael Thursday morning.

Gold ring price gained 0.28% to VND54.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold was up 0.1% at $1,856.11 per ounce, aided by a softer dollar, while market participants braced for U.S. jobs data that could influence the Federal Reserve’s policy trajectory, Reuters reported.

"Gold has had a good start to the year, helped by a weaker dollar and expectations that the Fed might slow its pace of rate hikes. Recession risks and central bank buying should also support bullion this year," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

"If the jobs data reflects that the rate hikes have taken a toll on the economy, then dollar might weaken further and benefit gold."

Bullion is seen as a hedge against inflation and economic uncertainties, but higher interest rates tend to weigh on non-yielding gold.

Eximbank sold the greenback at VND23,630, down 0.08%.

The rate at Techcombank was at VND23,660, also down 0.08%.

The State Bank of Vietnam set its reference rate unchanged at VND23,603.

The greenback has gained over the dong by 0.29% since the beginning of the year.

The dollar index eased 0.1%, making greenback-priced bullion more attractive for overseas investors, Reuters reported.

"If the jobs data reflects that the rate hikes have taken a toll on the economy, then dollar might weaken further and benefit gold," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

Minutes of the Fed’s December policy meeting released on Wednesday showed that all officials agreed the U.S. central bank should slow the pace of its aggressive interest rate hikes.