Gold prices start week steady

By Minh Hieu   June 30, 2024 | 11:32 pm PT
Gold prices start week steady
A person arranges gold jewelry at a store in Hanoi. Photo by VnExpress/Giang Huy
Saigon Jewelry Company gold bar price was stable at VND76.98 million (US$3,025.05) per tael Monday morning.

Gold ring price was at VND75.55 million per tael, unchanged from the weekend. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year, Reuters reported.

Spot gold was nearly unchanged at $2,324.44 per ounce. Prices jumped more than 4% in the second quarter.

U.S. gold futures eased 0.2% at $2,336.10.

"The latest U.S. inflation data remain fresh on investors' mind, with the data coming in line with consensus and generally did little to sway current market rate expectations for the Fed's easing process to kickstart in September," said IG market strategist Yeap Jun Rong.

But, "any failure to defend the $2,280 level ahead may potentially pave the way for gold prices to head towards the $2,200 next".

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