Gold prices inch up

Gold ring price gained 0.24% to VND84.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices flitted within a narrow range on Wednesday as investors awaited key U.S. inflation data for insights into the potential scale of a Federal Reserve rate cut next month, Reuters reported.

Spot gold was steady at $2,635.56 per ounce, moving largely within a slim $9 range during the session. Bullion hit over one-week low on Tuesday. U.S. gold futures rose 0.6% to $2,635.80.

Federal Reserve officials were divided on further rate cuts at their meeting earlier this month, but agreed to limit guidance on the future direction of U.S. monetary policy.

"In the long run, I think Trump's trade-war may be positive for gold because of higher debt loads and a touch of dedollarisation," said Kyle Rodda, financial market analyst at Capital.com.

Gold is traditionally considered a safe-haven investment during periods of economic and geopolitical uncertainty, including trade wars and other conflicts.