Gold ring price increases

By Minh Hieu   July 5, 2024 | 11:03 pm PT
Gold ring price increases
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 0.26% to VND76.2 million (US$2,997.9) per tael Saturday morning.

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

Globally, gold prices extended gains on Friday to their highest level in over a month following key U.S. jobs data that showed the labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September, Reuters reported.

Spot gold was up 1.3% at $2,385.63 per ounce. Bullion is up more than 2% for the week so far.

U.S. gold futures settled 1.2% higher to $2,397.7.

"Gold is trading at one-month highs as lower payroll revisions and yet another uptick in the unemployment rate help 'cement' a September rate cut," said Tai Wong, a New York-based independent metals trader.

"Bulls are eyeing a return to $2,450 all-time highs if the Fed starts openly hinting at September," he added.

Traders are also pricing in a rising chance of a second rate cut in December. Lower rates reduce the opportunity cost of holding non-yielding gold.

The dollar slipped to a three-week low against its rivals after the jobs data, making gold less expensive for other currency holders, while yield on the benchmark U.S. 10-year Treasury note crept lower.

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