A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold ring price slipped 0.12% to VND86.5 million (US$3,403.5) per tael Monday morning while global bullion rates stood firm.
Gold bar held steady at VND86.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were flat on Monday as a stronger-than-expected U.S. jobs report reinforced the Federal Reserve’s cautious stance on rate cuts, while uncertainty surrounding the incoming Trump administration’s policies continued to fuel safe-haven demand, Reuters reported.
Spot gold held ground at $2,689.09 per ounce, hovering near the one-month high hit on Friday. U.S. gold futures gained 0.2% to $2,719.50.
The upbeat jobs report on Friday supported the Fed’s cautious stance toward further policy easing this year amid mounting fears that pledges by U.S. President-elect Donald Trump to impose or massively raise tariffs on imports could stoke inflation.
Traders have now fully priced in that the Fed will hold rates at its meeting later this month and expect only one rate cut this year, which will be in June.
Bullion is used as a hedge against inflation, although higher interest rates reduce the non-yielding asset’s appeal.
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