Gold held firm near a five-week high on Friday and was set for a third straight week of gains, as U.S. inflation data released earlier this week raised expectation that the Federal Reserve might cut interest rates further 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.

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.