Gold ring price inches up

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

Globally, gold price struggles to capitalize on the Asian session uptick to levels beyond the $2,400 mark, though manages to hold in positive territory for the second straight day on Monday, FXStreet reported.

The U.S. Personal Consumption Expenditures (PCE) Price Index data released on Friday showed that inflation rose modestly in June and lifted bets for an imminent start of the Federal Reserve's rate-cutting cycle.

This leads to a further decline in the U.S. Treasury bond yields, which, in turn, keeps the U.S. dollar bulls on the defensive and acts as a tailwind for the non-yielding yellow metal.

Traders also prefer to wait for the outcome of a two-day Federal Open Market Committee (FOMC) meeting on Wednesday.

This, along with key US macro data scheduled at the start of a new month, including the Nonfarm Payrolls (NFP) report, will provide a fresh impetus to the commodity.

Gold price was at 2,394.43 per ounce at the time of publishing.