Gold prices steady at 4-month low

By Minh Hieu   June 9, 2024 | 09:11 pm PT
Gold prices steady at 4-month low
Gold jewelry on display at a shop in Hanoi. Photo by VnExpress/Giang Huy
Saigon Jewelry Company gold bar price was steady at VND76.98 million ($3,028.09) per tael Monday morning, its lowest since Jan. 29.

Gold ring price was also unchanged from the weekend at VND74.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices held steady on Monday after a sharp sell-off in the previous session on stronger-than-expected U.S. jobs data, with investors awaiting the Federal Reserve policy meeting this week for further direction, Reuters reported.

Spot gold was up 0.1% at $2,295.29 per ounce, as of 0346 GMT. U.S. gold futures fell 0.5% to $2,312.20.

Bullion declined 3.5% on Friday in its biggest drop since November 2020 after the U.S. jobs report and China data showing the world's top consumer held off gold purchases in May after 18 consecutive months of buying.

The Fed is not expected to make any change at its policy meeting, but the focus will be on the comments from Fed Chair Jerome Powell and changes to economic projections from the policymakers. U.S. inflation data is also due on Wednesday.

"Unless the dot plot pricing starts to be very less dovish, that means the Fed does not expect any cut being pencilled in this year at all, you could drastically see a tremendous sell-off in gold because that could push U.S. 10-year Treasury yields higher," said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.

go to top