Gold prices tiptoe up

By Minh Hieu   May 21, 2024 | 08:46 pm PT
Gold prices tiptoe up
A person holds a gold bar at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold price increased by 0.22% to VND90.9 million ($3,569.54) per tael Wednesday morning.

Gold ring price rose 0.19% to VND77.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were steady and hovered above key $2,400 level on Wednesday, while investors await minutes from the Federal Reserve's latest policy meeting for fresh signals on the timing of U.S. interest rate cuts, Reuters reported.

Spot gold held its ground at $2,415.35 per ounce. Bullion hit a record high of $2,449.89 on Monday.

U.S. gold futures were down 0.3% at $2,419.00.

Recent data suggested that U.S. inflation resumed its downward trend, but Fed policymakers said on Tuesday the U.S. central bank should wait several more months to ensure that inflation really is back on track to its 2% target before cutting interest rates.

Lower interest rates and geopolitical uncertainty make bullion a favorable investment.

Gold has been solidifying above the $2,400 level ahead of a potentially looser interest rate environment later in the year, but for it to hit record highs, a pullback in the dollar or bond yields, or an increase in safe-haven demand may be required, said Tim Waterer, chief market analyst at KCM Trade.

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