Gold prices inch up as global rates slip

Gold ring price increased by 0.24% to VND85.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices edged lower on Wednesday, pressured by higher U.S. Treasury yields and a stronger dollar after data suggested the Federal Reserve might slow the pace of rate cuts this year, Reuters reported.

Spot gold slipped 0.1% to $2,648.16 per ounce. U.S. gold futures fell 0.1% to $2,662.30.

The dollar strengthened and benchmark 10-year Treasury yield hit an eight-month high after data on Tuesday pointed to a strong economy.

"Any softness in the U.S. macro data this week could open the door for gains if investors become more optimistic about the deliverance of interest rate cuts from the Fed in 2025," said analysts at KCM Trade in a note.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.