Gold prices edge higher in Vietnam

Saigon Jewelry Company gold bar went up 0.81% to VND149.6 million (US$5,687.69) per tael.

Gold ring increased by 0.96% to VND147.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Vietnam gold price has risen 78% since the beginning of the year.

Gold price rose 1.3% to around $4,050 during the Asian trading hours on Monday. The precious metal edges higher amid uncertainty over the U.S. economic outlook, according to financial data platform FXStreet.

Traders increased their wagers on a potential U.S. interest rate cut after the release of weaker-than-expected private employment data and a pessimistic University of Michigan Consumer Sentiment Index survey.

A lower interest rate environment could lessen the opportunity cost of holding gold, thereby providing support for the non-yield-bearing precious metal.