Vietnam gold bar price fell 0.58% to VND85 million (US$3,347.11) per tael Monday afternoon while global rates were little changed.
Gold ring price slid 0.59% to VND84.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were little changed on Monday, while investors awaited a slew of U.S. economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve’s stance on interest rates, Reuters reported.
Spot gold held its ground at $2,635.39 per ounce. U.S. gold futures dropped 0.2% to $2,646.80.
How the U.S. jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
“There is a plethora of U.S. data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold.”
U.S. President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold’s upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
