Gold prices rebound

Saigon Jewelry Company gold bar price went up 1.24% to VND146.9 million (US$5,579.50) per tael after it dropped 2.22% on Tuesday. Bullion is priced similarly at lender ACB and other jewelers.

Local gold bar rates are currently VND21 million per tael higher than global prices.

Gold ring price rose 1.11% to VND145.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices inched higher on Wednesday, ahead of a widely expected interest rate cut from the Federal Reserve, although easing U.S.-China trade tensions kept bullion strength in check, Reuters reported.

Spot gold was up 0.2% at $3,957.42 per ounce after dropping to its lowest point since Oct. 7 on Tuesday. U.S. gold futures for December delivery eased 0.3% to $3,971.20 per ounce.

"The fuel for this short-term correction in gold is a readjustment of safe-haven instrument towards more response instrument like global equities due trade optimism," OANDA senior market analyst Kelvin Wong said.

"In the near-term gold faces downside pressure due to position adjustment from short-term leverage players and technical levels that's being breached. However, the fundamentals are still bullish for gold."

The Fed is widely expected to cut interest rate by a quarter-percentage point at the end of its policy meeting on Wednesday, and investors are watching out for any forward-looking language from Fed Chair Jerome Powell.

The European Central Bank is expected to leave rates unchanged at its policy meeting on Thursday.

Non-yielding gold thrives in a low-interest-rate environment and during economic uncertainties.