Gold prices inch lower

Gold ring price gained 0.18% to VND56.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold climbed on Monday after a weaker dollar made bullion more attractive for overseas investors, although prices hovered close to three-month lows as traders assessed prospects of more interest rate hikes by the U.S. Federal Reserve.

Spot gold rose 0.2% to $1,925.99 per ounce, while gold futures were up 0.3% at $1,936.00.

Bullion slumped nearly 2% in the previous week as hawkish comments from Fed officials signaled more rate hikes to tame sticky inflation.

Higher interest rates make non-yielding gold less appealing.

“We are near the end of tightening cycle, but still not quite at the end as there is still the risk of it being extended, hence the depressed price action,” said OCBC FX strategist Christopher Wong.