Gold Prices Take a Slight Step Back

Saigon Jewelry Company gold bar saw a decrease of 0.16%, settling at VND124.5 million (US$4,738.89) per tael, after hitting an unprecedented peak of VND124.7 million just the day before.

Global Gold Market Trends

On the global stage, gold prices were poised for a weekly decline as unexpected U.S. inflation data cast doubt on the likelihood of a significant Federal Reserve rate cut in September. Spot gold modestly increased by 0.1% to $3,339 per ounce, despite a 1.8% weekly loss.

Expert Insights on Gold's Future

"The recent PPI surge has left the gold market questioning the extent of the Fed's rate reductions this year," commented Tim Waterer, a chief market analyst. This sentiment was echoed by St. Louis Fed President Alberto Musalem, who dismissed the idea of a half-point rate cut in September.

Gold, which does not yield interest, tends to perform better in environments where interest rates are low, highlighting the current market's uncertainty.