Gold ring prices edge up, bullion holds steady as global values dip

Gold bar price remained steady at a three-month low of VND78.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price edges lower during the Asian session on Friday and erodes a part of the previous day’s strong move up of nearly 2% amid the risk-on impulse, FXStreet reported.

Gold price was at $2,421.89 per ounce at the time of publishing.

The upbeat US labor market report released on Thursday eased concerns about an imminent recession in the US and boosted investors’ confidence, which, in turn, is seen undermining demand for the safe-haven precious metal.

Investors remain concerns about the risk of a further escalation of geopolitical tensions in the Middle East, which could keep a lid on the market optimism.

Apart from this, rising bets for bigger interest rate cuts by the Federal Reserve (Fed) in September should act as a tailwind for the non-yielding gold price.