Gold ring price declines

By Minh Hieu   June 25, 2024 | 09:02 pm PT
Gold ring price declines
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold ring price fell 0.26% to VND75.45 million (US$2,963.24) per tael Wednesday morning.

Gold bar price has been stable at VND76.98 million per tael since June 6. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were subdued on Wednesday ahead of crucial U.S. inflation data due this week, which could offer more clarity on the timing of the Federal Reserve's first interest rate cut this year, Reuters reported.

Spot gold was flat at $2,319.95 per ounce. U.S. gold futures held their ground at $2,331.30.

The dollar rose 0.1% against its rivals, making gold more expensive for other currency holders, while benchmark 10-year yields also edged higher.

"Higher Treasury yields and a firmer U.S. dollar overnight on the back of hawkish Fed comments have driven some weakness in gold prices this morning, as the call for a quicker policy easing failed to find much validation from policymakers," said IG market strategist Yeap Jun Rong.

The U.S. first-quarter gross domestic product estimates are due on Thursday, and the personal consumption expenditures (PCE) price index report on Friday.

"The risks come with any upside surprise in inflation, which could trigger more uncertainty around Fed policies and may see further unwinding in the yellow metal," IG's Jun Rong added.

Higher rates increase the opportunity cost of holding non-yielding bullion.

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