Gold prices remain stable

By Minh Hieu   June 16, 2024 | 11:31 pm PT
Gold prices remain stable
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price was steady at VND76.98 million (US$3,023.98) per tael Monday morning.

It has remained unchanged since June 9. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price was VND74.9 million per tael, the same as on the weekend.

Globally, gold price meets with a fresh supply on the first day of a new week and erodes a part of Friday's positive move in the wake of the Federal Reserve's (Fed) hawkish surprise, FXStreets reported.

In fact, policymakers lowered their forecast for the number of rate cuts this year to one from three projected in March.

This remains supportive of elevated US Treasury bond yields, which allows the U.S. dollar to stand tall near its highest level since early May touched on Friday and is seen as a key factor driving flows away from the non-yielding yellow metal.

Gold held at $2,325 an ounce on Monday, after bouncing 1.7% last week, according to Reuters.

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