Gold prices remain steady despite global price decline

By Minh Hieu   June 13, 2024 | 11:30 pm PT
Gold prices remain steady despite global price decline
Gold statues on display at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Saigon Jewelry Company gold bar price was stable at VND76.98 million (US$3,028.92) per tael Friday morning despite a drop in global price.

Gold ring price was also unchanged at VND74.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price ended in the red on Thursday for the first time in four days, although it showed some resilience below the $2,300 round-figure mark and held steady above the said hand through the Asian session on Friday, FXStreet reported.

The upside, however, seems limited in the wake of the Federal Reserve's (Fed) hawkish stance on interest rates.

Policymakers forecasted only one interest rate cut in 2024, which, in turn, is seen as a key factor that continues to act as a headwind for the non-yielding yellow metal.

Gold prices moved lower in opposition to the dollar in following the weaker-than-expected PPI report, as reported by Reuters.

Spot gold dropped 0.8% to $2,303.15 an ounce.

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