Gold prices dip as global rates gain

Saigon Jewelry Company gold bar price slid 0.82% to VND120.3 million (US$4,630.22) per tael.

Gold ring price went down 1.29% to VND115 million per tael. A tael equals 37.5 grams or 1.2 ounces.

In mid-April, Deputy Prime Minister Ho Duc Phoc instructed the State Bank of Vietnam and relevant agencies to keep a close watch on developments in the domestic and international financial, gold, and foreign exchange markets.

The central bank must immediately implement measures to stabilize the gold market, enhance transparency and strictly inspect and handle violations in accordance with regulations, he said.

Globally, gold prices firmed on Monday, helped by a weaker dollar, while investors awaited more clarity on trade policy between the U.S. and its trading partners, and looked forward to the Federal Reserve's policy decision due later this week, Reuters reported.

Spot gold gained 0.7% to $3,261.59 an ounce. U.S. gold futures rose 0.8% to $3,269.60.

The dollar was down against its rivals, making gold more attractive for other currency holders.

"The U.S. Dollar is looking subdued ahead of the Fed meeting this week which is enabling gold to take a mild run higher," KCM Trade's Chief Market Analyst Tim Waterer said.

"We may see gold continue to operate in the $3200-$3350 range ahead of the Fed meeting. However, any new headlines on the trade deal could cause volatility to tick up once again."

Non-yielding gold acts as a hedge against global uncertainty and inflation and tends to thrive in a low-interest-rate environment.