Vietnam Gold Market Shows Resilience Amid Global Fluctuations

Saigon Jewelry Company's gold bar saw a slight increase of 0.17%, reaching VND120.9 million (US$4,612.74) per tael. Meanwhile, gold rings experienced a 0.34% rise to VND117.4 million per tael. Notably, a tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Market Awaits U.S. Payroll Data

On the global stage, gold prices dipped as investors adopted a cautious stance, eagerly anticipating the U.S. payroll data for clues on the Federal Reserve's policy direction. Spot gold decreased by 0.3% to $3,346.47 per ounce, with U.S. gold futures also slightly down by 0.1% to $3,357.20.

According to Kelvin Wong, a senior market analyst at OANDA, gold is currently consolidating within the $3,320 to $3,360 range. The market is in a wait-and-see mode, particularly in light of upcoming U.S. Non-Farm Payroll and ISM Services PMI data.

Economic Indicators and Market Reactions

Recent data from ADP revealed a drop in U.S. private payrolls by 33,000 jobs in June, marking the first decline in over two years. This development reflects the growing economic uncertainty affecting hiring practices. Despite this, the labor market remains anchored by low layoff rates.

Investors are now turning their attention to the non-farm payrolls report expected on Thursday. Projections suggest an addition of 110,000 jobs in June, a decrease from May's 139,000, as per a Reuters poll.