Saigon Jewelry Company gold bar declined by 5.29% to VND172 million per tael (US$6,630.72). A tael equals 37.5 grams or 1.2 ounces.

Gold ring fell 5% to VND171 million per tael. Gold prices in Vietnam have risen 12.6% since the beginning of the year.

Globally gold prices tumbled on Friday after hitting record highs this week, as jittery investors moved to lock in ‌profits with hopes for aggressive U.S. interest rate cuts starting to fade and the dollar steadying, Reuters reported.

Spot gold was down 9% at $4,889 per ounce at the time of publishing.

With gold and silver prices up 17% and 39% respectively so far in January, ⁠profit-taking on the last trading session of the month came after several days of thin liquidity ‍where small flows driven by the fear of missing out triggered outsized moves.

“Both gold and silver were ripe for ‌a ‌correction given the highly speculative and unhinged nature of the latest surge,” said Ole Hansen, head of commodity strategy at Saxo Bank.