Gold prices reach 4-month high

Gold ring price declined by 0.12% to VND82.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally spot gold inched up 0.04% to $2,635.00 per ounce.

Major banks expect gold to extend its record-breaking price rally into 2025 because of a revival in large inflows to exchange-traded funds and expectations of additional interest rate cuts from prominent central banks around the world, including the U.S. Federal Reserve, Reuters reported.

"We reiterate our long gold recommendation due to the gradual boost from lower global interest rates, structurally higher central bank demand and gold's hedging benefits against geopolitical, financial, and recessionary risks," Goldman Sachs said in a note.

Moderating but still significant central bank purchases on the London OTC market could drive about 2/3 of the expected rise of the gold price to $2,900 per ounce in early 2025. Meanwhile the gradual rise in exchange-traded fund flows following the Fed rate cuts are expected to drive the remaining 1/3 of price upside, analysts at Goldman Scahs said.