Global Gold Market Trends

Gold prices have soared to their highest in five weeks, with gold rings also seeing a 0.46% increase to VND86.5 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces, marking a significant uptick in the precious metal's value.

On the global stage, gold prices remained steady after reaching over one-month highs. This stability comes in the wake of softer U.S. core inflation data, which has fueled expectations for more rate cuts. However, the announcement of a ceasefire between Israel and Hamas has somewhat limited further gains, according to Reuters.

Market Analysis

Spot gold maintained its position at $2,693.93 per ounce, after peaking at its highest since December 12 earlier in the session. U.S. gold futures also saw a slight increase, gaining 0.2% to $2,723.70.

"The unexpected slowdown in core inflation in the U.S. has reignited hopes for a less restrictive Federal Reserve policy this year. This development supports bullion demand, as progress in disinflation could encourage the FOMC to ease monetary policy, thereby reducing the opportunity cost of holding non-yielding assets," explained Jigar Trivedi, a senior analyst at Reliance Securities.