A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold ring price gained 0.24% to VND84.5 million (US$3,320.88) per tael Wednesday morning while global bullion rates edged higher.
Gold bar held steady at VND85.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged higher on Wednesday as attention turned to the Federal Reserve’s upcoming monetary policy decision, with the U.S. central bank anticipated to implement a third rate cut this year and provide insights into its plans for 2025, Reuters reported.
Spot gold nudged 0.1% higher to $2,648.43 per ounce. U.S. gold futures were flat at $2,663.20.
U.S. retail sales increased more than expected in November, adding to warmer inflation readings in recent months and suggesting that the central bank could pause rate reduction in January.
Non-yielding gold tends to do well in a low-interest-rate environment.
