Gold prices edge higher

Gold ring price inched up 0.25% to VND77.4 million per tael.

Globally, gold prices hit an all-time high on Monday as a slowing U.S. inflation trend boosted expectations that the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak, Reuters reported.

Spot gold was up 0.9% at $2,436.76 per ounce after hitting a record high of $2440.49 earlier in the session.

U.S. gold futures rose 1% at $2,440.60.

The main driver for gold is that there is a soft U.S. dollar and sentiment is being boosted on the basis that the Federal Reserve is expected to cut rates soon, said Kyle Rodda, a financial market analyst at Capital.com.

The dollar index remained subdued, making greenback-priced bullion more attractive to buyers holding other currencies.

Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.