Saigon Jewelry Company gold bar price rose 0.41% to VND145.5 million (US$5,600.02) per tael. Prices had dropped VND1.7 million per tael or 1.16% on Tuesday. A tael equals 37.5 grams or 1.2 ounces.

The metal is still down 4.8% since the start of the year. Gold ring price gained 0.42% to VND145 million per tael on Wednesday.

Globally, prices eased on Wednesday as investors weighed the possibility that major central banks could keep interest rates higher for longer as they seek to contain persistent inflation, Reuters reported.

Spot gold fell 0.2% to $4,345.99 per ounce. U.S. gold futures for December delivery were up 0.2% at $4,382.70.

The dollar held near its strongest level in two months. A stronger dollar makes greenback-priced bullion more expensive for overseas buyers.

Richmond Federal Reserve President Tom Barkin warned on Tuesday that inflationary shocks could take time to wane, with a risk that elevated price pressures could become entrenched.

Bullion is often seen as a safeguard against inflation, but its appeal tends to diminish when elevated rates boost returns on interest-bearing investments.

"Gold remains caught in a tug-of-war between safe-haven demand and rising-rate pressures," Priyanka Sachdeva, an analyst at Phillip Nova, told Bloomberg, adding that the metal is likely to be sensitive to headlines around oil and interest rates in the near term.