Gold Prices on the Rise

In a surprising turn of events, the price of gold rings saw an increase of 0.24%, reaching VND85.3 million per tael. It's important to note that a tael is equivalent to 37.5 grams or 1.2 ounces.

Global Market Trends

On the global stage, gold prices experienced a slight decline on Wednesday. This was largely due to higher U.S. Treasury yields and a stronger dollar, following data suggesting the Federal Reserve might slow the pace of rate cuts this year, as reported by Reuters.

Spot gold decreased by 0.1% to $2,648.16 per ounce, while U.S. gold futures also fell by 0.1% to $2,662.30.

Economic Indicators

The dollar's strength and the benchmark 10-year Treasury yield reaching an eight-month high were influenced by Tuesday's data indicating a robust economy.

Analysts at KCM Trade noted, "Any softness in the U.S. macro data this week could open the door for gains if investors become more optimistic about the deliverance of interest rate cuts from the Fed in 2025."

Gold is traditionally seen as a hedge against inflation, yet high interest rates can diminish the appeal of this non-yielding asset.