Gold ring price edges higher

Gold bar price was unchanged at VND79.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve's rate-cut timeline, Reuters reported.

Spot gold was up 0.3% at $2,416.62 per ounce. U.S. gold futures gained 0.4% to $2,417.10.

Investors expect key U.S. data releases this week, including the second-quarter gross domestic product (GDP) reading on Thursday and the June personal consumption expenditures (PCE) price index number on Friday, to offer more cues about the rate-cut timeline.

"If either the GDP or core PCE figures produce an upside beat, this could provide a stumbling block for gold in the short term on dollar strength," said Tim Waterer, KCM Trade's chief market analyst.

Bullion prices scaled an all-time high of $2,483.60 last week amid rising bets of rate cuts. Lower interest rates reduce the opportunity cost of holding non-yielding gold.

Spot gold may break resistance at $2,417 and bounce further to $2,432, according to Reuters technical analyst Wang Tao.