Vietnam gold prices jump to 3-month high

Gold ring price remained steady at VND79.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices rose to an all-time high at $2,589.6 an ounce on Monday, supported by a weaker dollar and the prospect of a big rate reduction by the Fed, Reuters reported.

Goldman Sachs reiterated its optimistic outlook on gold prices on Monday, citing central bank demand and the imminent interest rate cut from the U.S. Federal Reserve at its policy meeting this week.

"While we see some tactical downside to gold prices under our economists' base case of a 25bp Fed cut on Wednesday, we reiterate our long gold trading recommendation and our price target of $2,700/toz by early 2025," the investment bank said in a note.