Gold Prices Fall Slightly Amid Cautious Market

The gold market began Monday, August 17th, in a cautious mood. Domestic prices remained largely unchanged from Sunday's rates. SJC gold bars were selling at approximately 144 million VND/ounce, while popular gold rings ranged from 143.9 to 144.5 million VND/ounce depending on the business.

In the international market, gold stood around $4,374 per ounce as of August 17th, down about $3 from the previous day's reference price of $4,377 per ounce. This represents a slight decrease of approximately 0.07% in global gold prices.

The early trading range was relatively narrow, ranging from $4,373 to $4,381 per ounce. The stability in gold prices is likely due to investors weighing conflicting narratives: weak US economic data reducing the likelihood of a Fed interest rate hike, but tensions in the Strait of Hormuz continuing to keep oil prices high and posing a potential risk of renewed inflation.

The US dollar fell by about 0.3%, thereby supporting gold. The market's reduced expectations for interest rate hikes do not mean the monetary policy story is over, as the Fed will release the minutes of the FOMC meeting from July 28-29 on August 19, US time.