Gold ring price soars by 0.65%, closing in on bullion

It is now 0.37% away from gold bar price, which has been stable at VND79.68 million per tael since June 6. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold and silver prices are solidly higher in midday U.S. trading Thursday, with gold hitting a six-week high and back above $2,400 in the wake of another tame U.S. inflation report that suggests the Federal Reserve will cut interest rates sooner rather than later, Kitco News reported.

June U.S. consumer price index saw a rise of 3.0%, year-on-year. June CPI was forecast coming in at up 3.1% and compares to the May report reading of up 3.3%.

A few analysts are even thinking the Fed could cut U.S. interest rates at its next FOMC meeting on July 30-31. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.