Gold rings on display in a jewelry store. Photo by VnExpress/Giang Huy
Vietnam gold ring price fell 0.23% to VND86.1 million (US$3,404.51) per tael Monday morning as global bullion rates edged lower.
Gold bar held firm at VND86.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold cut early losses on Monday as investors looked forward to Donald Trump’s inauguration speech for clarity on the incoming administration’s policies, which could offer further clues on the Federal Reserve’s interest rate path, Reuters reported.
Spot gold was down 0.1% at $2,697.60 per ounce, after falling 0.5% earlier in the day. U.S. gold futures dropped 0.3% to $2,740.10.
“Gold has been on the receiving end of selling pressure today, but the precious metal’s status as a traditional safe-haven asset should limit the immediate downside,” said Tim Waterer, chief market analyst at KCM Trade.
“If we happened to hear a more conciliatory or softer tone from President Trump regarding trade and tariff polices, this could alleviate inflationary concerns, which may see the U.S. dollar and Treasury yields recede, and gold is potentially one asset which could benefit from this scenario.”
Gold is used as an inflation hedge, but higher interest rates dampen its appeal. It also serves as a safe-haven asset.
