Gold rings on display in a jewelry store. Photo by VnExpress/Giang Huy
Vietnam gold ring price decreased by 0.24% to VND82.2 million (US$3,242.61) per tael Wednesday morning while global bullion rates edged higher.
Gold bar price was stable at VND84 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged up on Wednesday as investors hunted for bargains after steep declines in the previous session, while spotlight shifted to U.S. inflation print, which could shed more light on the Federal Reserve’s monetary policy path, Reuters reported.
Spot gold rose 0.4% at $2,608.18 per ounce, after hitting its lowest since Sept. 20 on Tuesday. U.S. gold futures was up 0.3% at $2,614.10.
“There is currently some bargain hunting going on as prices fell below the $2,600 mark. Recent sessions saw gold negatively impacted due to a stronger dollar, driven by expectations of inflationary Trump policies affecting the rate cut cycle,” said Kelvin Wong, OANDA’s senior market analyst for Asia Pacific.
Gold is used as a hedge against inflation but higher rates dampen its appeal as it yields no interest.
“If the CPI and PPI numbers show that inflation trend is still pretty much contained, then gold could make a move up towards $2,650,” added Wong.
