Vietnam gold ring price inches down as global bullion values stay steady

Gold bar price was unchanged at VND81 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices held steady on Wednesday as investors braced for a monthly U.S. payrolls report that could influence how swiftly and deeply the Federal Reserve cuts interest rates this year, Reuters reported.

Spot gold held its ground at $2,493.34 per ounce after hitting its lowest level in more than a week on Tuesday. U.S. gold futures were nearly unchanged at $2,524.80.

"If the jobs data is weak, it will increase the probability of a 50-bp cut and raise worries about growth slowdown, which will be supportive for gold," said Kyle Rodda, a financial market analyst at Capital.com.

"But from a technical viewpoint, positioning is a bit too long for gold and this might limit upside," said Rodda, adding that prices were likely to scale new highs in the longer run, even if there was a pullback in the short-term because of positioning.

Bullion is considered a safe asset during times of political and economic uncertainty and tends to thrive in a low rate environment.

So far this year, gold has gained 21%, hitting an all-time high of $2,531.60 on Aug. 20, driven by U.S. rate cut bets and the Middle East concerns.