Gold prices gain

Saigon Gold Jewelry Company gold bar price gained 0.43% to VND141.2 million (US$5,486.16) per tael.

The rate is down 7.6% from the start of the year and is around VND17.7 million per tael higher than global prices.

Gold ring price was up 0.44% at VND138.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

gold prices edged higher on Wednesday, supported by ‌a softer US dollar ahead of the outcome of the US midterm elections, while investors awaited the non-farm payrolls data later this week for clues on the Federal Reserve's policy path, Reuters reported.

Spot gold was up 0.1% to $3,931.24 per ounce, while US gold futures for December delivery steadied at $3,941.40.

Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

"A weaker USD and a punchy decline ⁠in both nominal and real US Treasury yields are clearly providing support for gold," said Chris Weston, head of research at Pepperstone.

"The demand for protection against a potentially more unpredictable and confrontational Trump administration looks to be providing a compelling backdrop for gold buyers," Weston added.

Traders currently see a 78% chance that the Fed will raise rates in December, according to CME's FedWatch tool. Higher interest rates increase the opportunity ⁠cost of holding non-yielding bullion, reducing its appeal to investors.