Gold prices make minor gain

By Minh Hieu   May 28, 2024 | 08:57 pm PT
Gold prices make minor gain
Gold statues on display at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Saigon Jewelry Company gold bar price rose by 0.44% to VND90.9 million ($3,571.01) per tael Wednesday morning.

Gold ring price were steady at VND76.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices eased on Wednesday, as traders pared bets of rate cuts by the U.S. Federal Reserve this year following remarks by some policymakers, while the market awaited key U.S. inflation data due later this week, Reuters reported.

Spot gold was down 0.1% at $2,357.70 per ounce. U.S. gold futures were up 0.1% at $2,358.30.

Investors are now waiting for the April reading on the personal consumption expenditures (PCE) price index, the U.S. central bank's preferred inflation gauge, which is due on Friday.

Traders' bets signaled growing skepticism that the Fed will cut rates more than once in 2024, currently pricing in about a 60% chance of a rate cut by November, according to the CME FedWatch Tool.

Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

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