Gold ring price inches up

Gold bar price remained unchanged at VND80 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices edged higher on Monday, aided by a softer dollar and expectations of a U.S. interest rate cut, while spotlight shifted to economic data for more clues on the Federal Reserve's monetary policy path, Reuters reported.

Spot gold was up 0.2% at $2,405.27 per ounce. Prices scaled an all-time high of $2,483.60 last week. U.S. gold futures gained 0.3% to $2,406.10.

The dollar eased in the initial reaction to U.S. President Joe Biden's decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump.

A weaker dollar makes bullion more attractive to buyers holding other currencies.

The prospect of rate cuts and the political uncertainty in the United States are supporting gold prices, conditions are in place for gold to see another record high before end of 2024, said Kyle Rodda, a financial market analyst at Capital.com.