Gold prices edge lower

Gold ring price dropped 0.58% to VND86 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices eased on Monday from a three-week high hit earlier in the session as investors booked profits and traders adjusted their expectations for Federal Reserve rate cuts, awaiting further data to assess the interest rate outlook, Reuters reported.

Spot gold fell 0.6% to $2,695.79 per ounce. U.S. gold futures shed 0.5% to $2,697.90.

Less dovish U.S. policy signals and potential inflation surprises could support a December rate hold, slowing rate cut prospects can be seen weighing on gold prices, said IG market strategist Yeap Jun Rong.

Higher interest rates, which make non-yielding assets like gold less appealing, could further pressure the metal.

Meanwhile, limiting further downside, the dollar index dipped 0.7%, boosting gold's appeal for holders of other currencies. The benchmark 10-year Treasury yields also declined.