Vietnam gold bar price increases despite global dip

Vietnam gold bar price rose 0.59% to VND85 million (US$3,421.22) per tael Monday morning while global rates inched down.

Gold ring price held firm at VND83 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices eased on Monday, weighed down by a firmer U.S. dollar, while investors looked out for fresh clues on Federal Reserve interest rate cuts.Spot gold fell 0.2% to $2,651.99 per ounce after rising 1% in the previous session. U.S. gold futures lost 0.3% to $2,669.20.

“The continued momentum of the U.S. currency on reigned-in rate cutting expectations has created an obstacle for the gold price,” said Tim Waterer, chief market analyst at KCM Trade.

Data on Friday showed unchanged U.S. producer prices last month.

The zero-yielding bullion is preferred in a low-interest rate environment as well as amid periods of economic and geopolitical turmoil.