Vietnam gold ring price inches down as global values ease from all-time high

Gold bar price was stable at VND80 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices eased on Monday and hovered around key $2,500 level, as traders locked in profits following bullion’s climb to an all-time peak in the previous session on expectations of a U.S. interest rate cut next month, Reuters reported.

Spot gold was down 0.2% at $2,502.78 per ounce and U.S. gold futures edged 0.2% higher to $2,541.80.

Enthusiasm over a likely interest rate cut by the U.S. Federal Reserve in September propelled bullion to an all-time high of $2,509.65 on Friday. This coupled with increased geopolitical tensions and robust central bank-buying have sent bullion over 20% higher so far this year.

“Gold has been chasing the psychological $2,500 level for several months, and now that it has been reached, we are seeing some natural profit-taking occur,” said Tim Waterer, chief market analyst, KCM Trade.

“Traders will be looking towards Jerome Powell’s tone and language at Jackson Hole (on Friday) to fill in some of the blanks in this regard,” Waterer added.

The market will also look out for minutes of the Fed’s July policy meeting on Wednesday for further cues.