Gold prices plunge by 1.46%

By Minh Hieu   May 30, 2024 | 10:53 pm PT
Gold prices plunge by 1.46%
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold price plummeted by 1.46% to VND87.5 million ($3,437.04) per tael Friday morning.

Gold ring price inched up by 0.13% to VND76.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price advances modestly on Friday on the back of the softer U.S. dollar and lower U.S. yields, FXStreet reported.

Gold prices rose 0.12% to $2,345.93, on course for over 2% gain in May.

Traders place higher bets that the Federal Reserve (Fed) will cut the interest rate this year after the recent weaker US GDP data.

Furthermore, the geopolitical risks and conflicts in the Middle East might boost the precious metal as it is perceived as a traditional safe-haven asset.

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