Gold prices decline slightly

Gold ring price downed 0.08% to VND57.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices held near their highest levels in more than a week on Wednesday as comments from U.S. Federal Reserve officials suggested that a recent surge in Treasury yields might reduce the need for more rate hikes, sending the dollar lower, according to Reuters.

Spot gold was up 0.1% at $1,860.97 per ounce by 0136 GMT, having hit its highest level since Sept. 29 on Tuesday. U.S. gold futures held their ground at $1,874.50.

Bloomberg said Wednesday that a slump in gold prices to a seven-month low in India may stimulate demand in the current festive season, when people traditionally buy more coins and ornaments.

Strong purchases during the October-December festival period, considered an auspicious time to own and wear gold, may underpin the global market.