Gold ring price edges up

By Minh Hieu   June 18, 2024 | 09:06 pm PT
Gold ring price edges up
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold ring price rose by 0.13% to VND75 million (US$2,946.67) per tael Wednesday morning.

Gold bar price maintained at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price struggles to capitalize on the previous day's bounce from the vicinity of the $2,300 mark and oscillates in a narrow band during the Asian session on Wednesday, FXStreet reported.

The precious metal is currently placed around the $2,330 area, or the top boundary of a short-term trading range held over the past one-and-half-week or so as traders seek clarity about the likely timing when the Federal Reserve (Fed) will start cutting interest rates.

The US central bank adopted a more hawkish stance at the end of the June policy meeting and forecasted only one interest rate cut in 2024.

Expectations that the Fed will begin its rate-cutting cycle soon triggered the overnight fall in the US Treasury bond yields, which keeps the US Dollar (USD) bulls on the defensive and acts as a tailwind for the non-yielding gold price.

Gold price was $2,328.3 per ounce at the time of publishing.

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