Gold prices stable at 7-month high

Gold ring price was stable at VND56.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices firmed on Monday despite the U.S. Federal Reserve Chair Jerome Powell’s remarks on the likelihood of more interest rate hikes as markets sought direction from economic data this week for confirmation on the rate trajectory, Reuters reported.

Spot gold was up 0.1% at $1,915.99 per ounce as the U.S. dollar index eased from a 12-week peak. U.S. gold futures gained 0.2% to $1,943.80.

Speaking at the annual gathering in Jackson Hole, Wyoming on Friday, Powell left open the possibility of further rate increases to cool still-too-high inflation and stressed the U.S. economy’s surprising strength.

"The general view is that market participants were already priced for a hawkish outcome in the lead-up to Powell’s speech, which allows room for some relief on little surprises," said Yeap Jun Rong, a market strategist at IG.