Vietnam gold ring price hits new peak amid global decline

Gold bar price was stable at VND81 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices slipped on Wednesday as the dollar ticked up, while investors awaited a key U.S. inflation report due this week for more clarity on the size of a likely September rate cut, Reuters reported.

Spot gold fell 0.4% to $2,514.11 per ounce. Bullion hit a record high of $2,531.60 on Aug. 20.

U.S. gold futures were down 0.2% to $2,549.00.

The dollar index was up 0.1%, diminishing gold’s attractiveness for foreign currency holders.

“Market seems to be waiting for a catalyst to ignite the potential bullish breakthrough above that $2,532 level,” Kelvin Wong, OANDA’s senior market analyst for Asia Pacific, told Reuters.

The short-term trend for gold remains strong, with the potential to hit new highs. In the longer term, it may face resistance around the $2,585 to $2,595 range, Wong added.