Gold prices remain stable

By Minh Hieu   July 4, 2024 | 11:38 pm PT
Gold prices remain stable
Gold bars sold at a bank in Hanoi. Photo by VnExpress/Giang Huy
Saigon Jewelry Company gold bar price was steady at VND76.98 million (US$3,027.85) per tael Friday morning.

It has remained at that level since June 6. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price was at VND76 million per tael, also unchanged from the previous session.

Globally, gold prices edged up on Friday and were set for a second straight weekly gain, while traders awaited U.S. employment data to gauge the trajectory of the Federal Reserve's potential interest rate cuts, Reuters reported.

Spot gold rose 0.2% at $2,359.73 per ounce and was up more than 1% for the week. U.S. gold futures was down 0.1% to $2,366.10.

The U.S. dollar was on track for a weekly decline, making dollar priced-bullion more attractive to buyers holding other currencies.

"Gold has enjoyed a productive week so far, with the precious metal being a beneficiary of some weaker U.S. macro data," said Tim Waterer, KCM Trade's chief market analyst.

Market spotlight is on the U.S. nonfarm payrolls report due on Friday.

"If the jobs data misses the mark on the lower side, I expect investors will start to further fancy a possible September rate cut from the Fed, which could see gold have another crack at the $2,400 level," Waterer said.

"Gold has been in consolidation mode above $2,300, which bodes well for potential further price gains once we eventually move towards a lower interest rate environment."

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