Gold falls after 2 weeks unchanged

By Dat Nguyen September 5, 2024 | 12:18 am PT

Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Vietnam gold bar price dropped 0.62% to VND80.5 million ($3,251.87) per tael Thursday afternoon while globally bullion stayed mostly flat.

Price has remained unchanged at VND81 million since Aug. 20.

Gold ring price went up 0.06% to VND78.55 million per tael.

Globally old was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month, Reuters reported.

Spot gold steadied at $2,494.73 per ounce. U.S. gold futures lost 0.1% to $2,524.90.

Non-yielding bullion tends to perform well when interest rates are low. It is also considered a hedge against economic and political uncertainties.

"The highs for gold in 2024 may not yet have been reached, with the $2,600 level a viable target before year-end, if the Fed delivers the goods with a succession of quick-fire rate cuts before year-end," said Tim Waterer, chief market analyst, KCM Trade.