Gold price inches down
Saigon Jewelry Company gold ring price fell 0.19% to VND77.3 million (US$3,070.81) per tael Wednesday morning.
Gold bar price was steady at VND79 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields strengthened, while traders awaited further cues to gauge the size of the Federal Reserve’s likely September interest rate cut.
Spot gold slipped 0.2% to $2,385.60 per ounce. U.S. gold futures fell 0.3% to $2,425.30.
“A rebound in U.S. Treasury yields and a firmer dollar translate to some downward pressures on gold prices this morning, as pockets of resilience in U.S. economic data seem to prompt a reassessment of market recession concerns,” said IG market strategist Yeap Jun Rong.
Downside in gold may be limited by ongoing Middle East tensions and lingering global recession concerns, as markets await further economic data for clarity on U.S. conditions, Yeap added.
The dollar index rose, making the greenback-priced bullion less affordable for overseas buyers.