Gold prices hovered near a five-week high on Friday and were set for a third straight week of gains, as U.S. inflation data released earlier this week revived expectations that the Federal Reserve might cut interest rates more than once this year.

Vietnam gold bar price rose 0.34% to VND87.3 million (US$3,445.15) per tael Friday morning while global rates stood at their highest in over a month.

Gold prices were stable on Thursday after hitting their highest levels in more than a month, as softer U.S. core inflation data lifted expectations of interest rate cuts, although news of a ceasefire accord between Israel and Hamas capped further gains.

Following the US Fed rate cut buzz on soft US core inflation data, MCX gold rate registered gains during early morning deals on Thursday. Gold futures contract on Multi Commodity Exchange (MCX)m for February 2025 expiry opened flat at ₹78,

Front-month gold futures surged to their largest gain in nearly a month, after U.S. core inflation data came in softer than expected, easing inflation pressures and renewing hopes that the Federal Reserve may implement multiple rate cuts this year after all.

Gold prices were steady on Thursday after hitting over one-month highs, as softer U.S. core inflation data lifted expectations that more rate cuts were still on the table, although news of a ceasefire accord between Israel and Hamas capped gains.