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Gold ring price declined by 0.13% to VND79.1 million per tael.
Globally gold prices gold prices fluctuated within the $2,550-$2,600 range during the North American session, following a 50 basis-point U.S. Federal Reserve rate cut.
It was up 0.19% at US$2,563.00 at 11.56 a.m.
After rising to a record high, the yellow metal traded flat in international markets while the dollar rose, weighing on gold prices. A stronger dollar makes gold more expensive in other currencies and weakens demand, according to financial data platform Mint.
"Earlier, there were expectations that lowering rates would cause a decline in the value of U.S. currency and potentially lift the price of gold and silver," said Hareesh V, Head of Commodities, Geojit Financial Services.
"However, the surprise rate cut suggests the U.S. Fed is seriously taking the threat of a slowdown to the U.S. economy, which could boost the safe-haven demand for gold and silver in the immediate run."
