Gold ring price declines

Gold bar price was steady at VND79.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates, Reuters reported.

Spot gold was up 0.3% at $2,370.62 per ounce but has lost more than 1% for the week. U.S. gold futures climbed 0.8% to $2,371.30.

Data on Thursday showed that the U.S. economy grew faster than expected in the second quarter, but inflation pressures subsided, leaving intact expectations of a September rate cut.

Non-yielding bullion’s appeal tends to shine in a low-interest-rate environment.

“With near-term support in sight at the $2,280 mark, we still believe gold can hit $2,680 by end of this year,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.