Vietnam gold ring price increases as global bullion values hold steady

Gold bar price was unchanged at VND81 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices held ground on Monday, buoyed by a weaker dollar and Treasury yields after U.S. Federal Reserve Chair Jerome Powell’s dovish remarks cemented expectations for a September rate cut, Reuters reported.

Spot gold was steady at $2,511.04 per ounce after gaining more than 1% in the previous session. U.S. gold futures were flat at $2,546.40.

Powell on Friday endorsed an imminent start to rate cuts, saying further cooling in the job market would be unwelcome.

The dollar hovered near its lowest level in 13 months, making gold cheaper for other currency holders, while benchmark 10-year yields also slipped.

“Gold will remain in vogue with investors so long as the dollar remains on the back foot ahead of anticipated rate cuts. If U.S. yields remain suppressed, gold may fancy taking a run towards $2,550 this week if resistance around $2530 can be cleared first,” said Tim Waterer, chief market analyst, KCM Trade.