Gold prices soar to 11-week high

Gold ring price was steady at VND78.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold subdued after piercing the $2,500 ceiling last week, as investors booked profits from the record run and positioned for more cues from the U.S. Federal Reserve and developments in the Middle East, Reuters reported.

Spot gold was down 0.21% at $2,498.70 at 10:24 a.m., shy of the record high of $2,509.65 hit on Friday.

Investors’ focus will turn to minutes from the Fed’s last policy meeting on Wednesday and Chair Jerome Powell’s speech at an economic symposium in Jackson Hole on Friday.

Gold may fall into the $2,479-$2,487 range following its failure to break resistance at $2,507, according to Reuters technical analyst Wang Tao.