Vietnam gold prices plummet as global rates edge higher

Gold ring price fell 0.47% to VND84.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices inched higher on Monday as investors anticipated a potential interest rate cut by the Federal Reserve this week, with focus on the central bank's language on rate cuts next year, Reuters reported.

Spot gold was up 0.1% to $2,652.07 per ounce. Meanwhile, U.S. gold futures slipped 0.2% to $2,670.90.

Non-yielding bullion tends to shine in a lower interest rate environment and during economic or geopolitical uncertainty.

"Over the past month, gold prices have pulled back from the $2,720 level on at least two occasions, which makes it a key resistance for buyers to overcome ahead to pave the way for more upside," IG market strategist Yeap Jun Rong said.