Gold ring price surges by 0.8%

By Minh Hieu   June 20, 2024 | 08:36 pm PT
Gold ring price surges by 0.8%
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold ring price rose by 0.8% to VND75.8 million (US$2,977.57) per tael Friday morning.

Meanwhile, gold bar price remained stable at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were poised for a second consecutive weekly gain on Friday, driven by safe-haven demand amid tensions in the Middle East and rising bets that the U.S. Federal Reserve might reduce interest rates later this year, Reuters reported.

Spot gold was up 0.1% at $2,360.95 per ounce after hitting a two-week high in the previous session. Bullion gained over 1% so far for the week.

U.S. gold futures rose 0.2% to $2,374.60.

Data on Thursday showed that first-time applications for U.S. unemployment benefits fell moderately last week, while new housing construction dropped. This combined with tepid retail sales last month keeps a September U.S. rate cut on the table.

"The market is now looking for what is the possibility of another rate cut after September which could be supportive of gold, keeping it above that $2,300 level," said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

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