Gold ring price surges by 0.46%

By Minh Hieu   July 3, 2024 | 11:21 pm PT
Gold ring price surges by 0.46%
Gold jewelry on display at a shop in Hanoi. Photo by VnExpress/Giang Huy
Saigon Jewelry Company gold ring price shot up 0.46% to VND76 million (US$2,985.61) per tael Thursday morning.

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

Globally, gold price trades with a mild positive bias during the Asian session on Thursday, albeit lacks follow-through and remains below a nearly two-week high touched the previous day, FXStreet reported.

The underlying strong bullish sentiment across the global equity markets is seen acting as a headwind for the safe-haven precious metal amid relatively thin liquidity on the back of the Independence Day holiday in the U.S.

The downside for the Gold price, meanwhile, seems cushioned in the wake of firming expectations that the Federal Reserve (Fed) will start its rate-cutting cycle later this year.

The minutes of the last FOMC meeting revealed that the majority of policymakers said the US economic growth is gradually cooling.

This led to the overnight slump in the US Treasury bond yields and dragged the U.S. dollar to a three-week low, which might continue to lend support to the non-yielding yellow metal.

Gold price was at $2,357.32 an ounce at the time of publishing.

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