Gold prices dip from record level

Gold prices in Vietnam eased on Wednesday morning, retracting slightly from their recent peak, mirroring a near three-week low in global bullion rates. Saigon Jewelry Company's gold bars saw a modest decline of 0.16% to VND124.8 million (US$4,740.10) per tael, while gold rings experienced a similar dip of 0.17% to VND119.3 million per tael. (A tael is equivalent to 37.5 grams or 1.2 ounces).

This local downtick aligns with international trends, where spot gold fell 0.1% to $3,313.51 per ounce, hitting its lowest point since August 1st. Likewise, U.S. gold futures for December delivery also dropped 0.1% to $3,355.50.

Several factors are contributing to this global decline. A strengthening U.S. dollar and increased investor confidence due to recent geopolitical developments are reportedly dampening gold's appeal. Investors are keenly awaiting the Federal Reserve's Jackson Hole symposium later this week, particularly Fed Chair Jerome Powell's speech on Friday, for indications on future monetary policy. The minutes from the Fed's July meeting, expected later today, are also anticipated to offer further clarity on the central bank's policy direction.

Historically, gold tends to thrive in periods of low interest rates and elevated uncertainty. However, recent statements, such as U.S. President Donald Trump's remarks ruling out ground troops in Ukraine but suggesting air support, could be influencing market sentiment and risk appetite.