Gold ring price rebounds after morning dip

Gold bar price was steady at VND79.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices edged down on Thursday following an uptick in the U.S. dollar, after bullion hit a two-week high earlier in the session on expectations of September interest rate cuts and safe-haven demand, as focus shifted to U.S. non-farm payrolls data due this Friday, Reuters reported.

Spot gold was down about 0.4% at $2,438.32 per ounce, having hit its highest since July 18 earlier in the session.

U.S. gold futures settled 0.3% higher at $2,480.8.

While the U.S. Federal Reserve held interest rates steady at its policy meeting on Wednesday, Chair Jerome Powell said interest rates could be cut as soon as September if the U.S. economy follows its expected path.

Bullion, traditionally known as a favored hedge against geopolitical and economic risks, tends to thrive in a low-interest-rate environment.

Traders now await Friday’s U.S. payrolls report for more cues on the Fed’s policy path.

At the same time, central bank buying and physical demand in Asia are still subdued, “so right now the gold market is not running on all cylinders but at some point, we suspect that it will,” said Bart Melek, head of commodity strategies at TD Securities.