Gold ring price inches up

Gold bar price was stable at VND79.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, prices of safe-haven gold were flat on Monday as some profit-taking partially offset support from U.S. recession jitters and rising expectations of a September rate cut from the Federal Reserve, Reuters reported.

Spot gold held its ground at $2,443.44 per ounce, after falling 1% earlier in the session.

U.S. gold futures rose 0.7% to $2,485.80.

"There is some profit-taking happening while traders try and gauge how aggressive the Fed may become in September with regards to the size of the rate cut," said Tim Waterer, chief market analyst, KCM Trade.

However, "the fundamental picture (for gold) hints at further gains given the expectations for dovish U.S. monetary policy."

Lower interest rates reduce the opportunity cost of holding a non-yielding bullion.