Gold Prices Gain Traction

Gold prices have seen a modest increase, with the price of a gold ring rising by 0.24% to VND84.4 million per tael. A tael, equivalent to 37.5 grams or 1.2 ounces, continues to be a significant measure in the gold market.

Globally, gold prices have been fluctuating within a narrow range as investors eagerly await key U.S. inflation data. This data is crucial for understanding the potential scale of a Federal Reserve rate cut next month, as reported by Reuters.

Spot gold remains steady at $2,635.56 per ounce, experiencing minimal movement within a $9 range during the session. U.S. gold futures have risen by 0.6% to $2,635.80, reflecting a cautious market stance.

Federal Reserve officials remain divided on further rate cuts, but have agreed to limit guidance on the future direction of U.S. monetary policy. "In the long run, I think Trump's trade-war may be positive for gold because of higher debt loads and a touch of dedollarisation," said Kyle Rodda, financial market analyst at Capital.com.

Gold is traditionally viewed as a safe-haven investment during periods of economic and geopolitical uncertainty, including trade wars and other conflicts.