Gold Bar Prices Rally in Saigon

Saigon Jewelry Company gold bar saw a 0.24% increase, reaching VND124.2 million (US$4,729.27) per tael, after a slight dip earlier in the week. Meanwhile, gold ring prices held steady at VND119 million per tael.

Global Gold Market Trends

On the global stage, gold prices edged higher, buoyed by a weaker dollar following mild U.S. inflation data. This development has reinforced expectations for a September interest rate cut. Spot gold rose by 0.3% to $3,355.30 per ounce, with U.S. gold futures also seeing a modest gain.

Market Analysts Weigh In

According to Tim Waterer, chief market analyst at KCM Trade, the precious metal's price movement is closely tied to the upcoming U.S.-Russia talks regarding the Ukraine conflict. "If the meeting doesn't yield progress, we could see gold pushing back towards $3,400," Waterer noted.

Inflation Data Impact

Recent U.S. Consumer Price Index (CPI) data showed a 0.2% rise in July, contributing to the dollar's decline and making gold more affordable for international buyers.