The price of gold rings in Vietnam experienced a slight decrease of 0.12% on Monday morning, dropping to VND 86.5 million (approximately US$3,403.5) per tael. In contrast, the price of gold bars remained stable at VND 86.8 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.
Meanwhile, global gold prices held steady. Spot gold was unchanged at $2,689.09 per ounce, staying near the one-month high reached on Friday. U.S. gold futures saw a modest increase of 0.2%, reaching $2,719.50.
The stability in global gold prices follows a stronger-than-expected U.S. jobs report that reinforced the Federal Reserve’s cautious approach to interest rate cuts. Additionally, ongoing uncertainty surrounding the policies of the incoming Trump administration has continued to drive safe-haven demand for gold.
The positive jobs data released on Friday suggested that the Federal Reserve may hold off on further rate cuts this year. As a result, traders have largely priced in a decision to maintain rates at the Fed‘s upcoming meeting later this month, with expectations for only one rate cut in June.
While gold is often used as a hedge against inflation, higher interest rates can reduce the appeal of the non-yielding asset.
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