Gold prices edge up 1.1%

By Minh Hieu   May 14, 2024 | 08:27 pm PT
Gold prices edge up 1.1%
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 1.1% to VND90 million ($3,535.79) per tael Wednesday morning after declining in the last two days.

It is now 2.6% away from its historic peak of VND92.4 million per tael achieved last Friday. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price also increased by 0.4% to VND76.6 million per tael.

Globally, gold prices traded flat on Wednesday as investors looked forward to a critical U.S. inflation print that could offer clues on the Federal Reserve's interest rate cut trajectory, Reuters reported.

Spot gold held its ground at $2,359.02 per ounce, trading in a narrow $5 range, after gaining 1% on Tuesday.

U.S. gold futures rose 0.2% to $2,364.60.

Gold is data-dependent at the moment, "if the CPI starts to come down a little bit, it will be positive for gold as it is in a fantastic position to capitalize on that dynamic considering its resilience to this point," said Kyle Rodda, a financial market analyst at

But, "if CPI comes higher than expected then that's going to really rattle all the markets and the confidence that rates can be cut."

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