Gold ring price rises slightly

By Minh Hieu   June 27, 2024 | 09:40 pm PT
Gold ring price rises slightly
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold ring price increased by 0.27% to VND75.5 million (US$2,967.18) per tael Friday morning.

Gold bar price has not budged from VND76.98 million per tael, a level that it has maintained since June 6. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices eased on Friday, but were set for a third straight quarterly rise, while investors look forward to U.S. inflation data due later in the day for more clarity on the Federal Reserve's interest rate-cut timeline, Reuters reported.

Spot gold was down 0.3% at $2,321.18 per ounce. Prices have gained about 4% for the quarter.

U.S. gold futures fell 0.2% to $2,331.90.

"Gold is up on the quarter, largely as the scope for monetary easing in the U.S. has increased ... China also bought large amounts of gold for their reserves, which helped offer support in the second quarter," said Ilya Spivak, head of global macro at Tastylive.

Gold rose more than 1% in the previous session after data showed a continued, though moderate, slowdown in U.S. economic activity.

Fed Governor Michelle Bowman reiterated on Thursday that she is not ready yet to support a central bank rate cut with inflation pressures still elevated.

While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.

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