Market Update

Spot gold saw a marginal increase of 0.1%, reaching $3,348.41 per ounce, while U.S. gold futures for December delivery slightly decreased by 0.2% to $3,397.10.

Local Prices

In Vietnam, the Saigon Jewelry Company reported no change in gold bar prices, holding steady at VND123.9 million (US$4,716.85) per tael. Gold rings also remained unchanged at VND119 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global Trends

Gold experienced a 1.6% decline globally on Monday, with futures dropping over 2% following U.S. President Donald Trump's announcement that tariffs would not be imposed on imported gold bars, alleviating market concerns.

Expert Analysis

"Market participants are now focusing on the anticipated Fed rate cut, likely in September. If core CPI data comes in below expectations, it could further support rate-cut expectations," said OANDA senior market analyst Kelvin Wong.

He added, "This could lower the cost of holding gold, and with the long-term U.S. 10-year treasury yield below key resistance levels, gold prices may find support."

Upcoming Data

Attention turns to the U.S. consumer prices index data, expected to show a 0.3% rise in July's core CPI, potentially pushing the annual rate to 3%, above the Fed's 2% target.

Market Sentiment

Traders are pricing in an 85% chance of a Fed rate cut next month, with gold historically performing well in low-interest-rate environments and periods of uncertainty.

Other Metals

Spot silver increased by 0.7% to $37.89 per ounce, platinum rose 0.4% to $1,331.50, and palladium climbed 0.8% to $1,145.03.