Gold Prices Experience a Slight Decline

In a surprising turn of events, the price of gold rings has seen a decrease of 0.46%, settling at VND86.1 million per tael. It's important to note that a tael is equivalent to 37.5 grams or 1.2 ounces.

Global Spot Gold Trends

Contrasting the local market, global spot gold prices have risen by 0.25%, reaching $2,669.20 per ounce. This increase comes after a dip on Monday, attributed to the U.S. dollar soaring to an over two-year high. This surge followed a robust jobs report last week, which has led to expectations that the Federal Reserve will proceed cautiously with cutting interest rates this year, as reported by Reuters.

Market Strategist Insights

"The better-than-expected U.S. job report has significantly strengthened the U.S. dollar and the Treasury yields. The current dip in gold prices can be seen as a follow-through effect of this stronger-than-expected report," explained Bob Haberkorn, a senior market strategist at RJO Futures.

Haberkorn also mentioned that there is some profit-taking occurring after gold had a notably strong performance last week.