Gold prices drop

Gold ring price stayed unchanged at VND56.65 million.

Globally gold prices edged lower on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates dampened demand for the non-yielding metal, Reuters reported.

Spot gold was down 0.1% at $1,944.09 per ounce, hovering near two-month lows hit on Friday. U.S. gold futures were listless at $1,943.30.

Hurting gold’s appeal as a safe-haven asset, U.S. President Joe Biden said on Sunday he had finalized a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025 and that the deal was ready to move to Congress for a vote.

Moreover, data on Friday showed U.S. consumer spending increased more than expected in April and that inflation accelerated.