Gold prices hold steady as global values edge lower

Gold ring price was unchanged at VND77.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices edged lower on Wednesday as investors remained on the sidelines ahead of a key U.S. inflation print later in the day that could set the tone for the Federal Reserve's September policy meeting, Reuters reported.

Spot gold eased 0.2% to $2,460.87 per ounce. Prices hit a record high of $2,483.60 last month. U.S. gold futures edged 0.3% lower to $2,500.30.

U.S. consumer price index data for July is due on Wednesday and expected to show month-on-month inflation accelerated to 0.2%, with the annual core slowing a tick to 3.2%. Retail sales data is scheduled for Thursday.

Gold might drop to $2,300 if (CPI) data doesn't align with expected rate cuts, but in the long term, gold is likely to rise as U.S. economy weakens enough for the Fed to cut rates significantly, said Kyle Rodda, a financial market analyst at Capital.com.

Data on Tuesday showed that U.S. producer prices increased less than expected in July, reinforcing market view that cooling inflation will allow the Federal Reserve to cut interest rates soon.

Gold, often used as a hedge against geopolitical risks, thrives when interest rates are low.