Gold prices inch down from historic peak

Gold ring price dropped 0.08% to VND62.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose on Thursday helped by a softer dollar and lower Treasury yields, as traders looked forward to U.S. economic data for more clues on the Federal Reserve’s monetary policy outlook, Reuters reported.

Spot gold was up 0.4% at $2,033.92 per ounce. U.S. gold futures were steady at $2,048.40.

The dollar was down 0.1% against its rivals, making gold less expensive for other currency holders.

“Gold remains supported by the prospect of a global rate cutting cycle, chiefly in the U.S.,” said Kyle Rodda, a financial market analyst at Capital.com.