Gold jumps 3.9% after 6-week staying flat

Gold ring price went up 0.81% to VND77.5 million per tael.

Globally gold prices edged higher on Thursday, trading not too far away from a record high scaled in the previous session, as rising anticipation of a U.S. interest rate cut in September boosted demand, Reuters reported.

Spot gold rose 0.1% to $2,461.27 per ounce. Prices hit an all-time high of $2,483.60 on Wednesday. U.S. gold futures added 0.2% to $2,465.00.

Decreasing rates and U.S. elections are two immediate factors likely to push gold beyond $2,500, as gold tends to benefit from economic and geopolitical uncertainty, said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.