Vietnam Gold Prices Drop as Global Rates Edge Higher

In Vietnam, the price of gold rings experienced a 0.47% decline, settling at VND84.3 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.

Globally, gold prices showed a modest increase on Monday. Investors are closely watching the Federal Reserve's upcoming meeting, anticipating a potential interest rate cut. The focus extends to the central bank's language regarding future rate cuts, as reported by Reuters.

Spot gold prices rose by 0.1% to $2,652.07 per ounce. Simultaneously, U.S. gold futures saw a slight decrease of 0.2%, reaching $2,670.90.

Non-yielding bullion typically performs well in a lower interest rate environment and during periods of economic or geopolitical uncertainty.

According to IG market strategist Yeap Jun Rong, "Over the past month, gold prices have retreated from the $2,720 level on at least two occasions, marking a key resistance level for buyers to overcome in order to pave the way for further upward movement."