Gold bar price decreases slightly

By Minh Hieu   April 9, 2024 | 09:27 pm PT
Gold bar price decreases slightly
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price slid 0.24% to VND84.1 million ($3,370.74) per tael Wednesday morning after hitting a historic peak in the previous day.

Gold ring price went up 1.8% to VND76.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices held steady on Wednesday near a record peak hit in the previous session, as a favourable mix of emerging inflationary risks and ongoing geopolitical tensions underpinned the safe-haven metal, Reuters reported.

Spot gold was little changed at $2,351.94 per ounce after hitting a record high of $2,365.09 on Tuesday.

U.S. gold futures gained 0.3% to $2,369.90.

"Gold is diverging from its traditional key drivers... Due to geopolitical tension, central banks in emerging markets are stockpiling gold to diversify the risk, some volatility in Chinese currency and the emergence of inflation risk are also driving prices right now," ANZ commodity strategist Soni Kumari said.

Strong central bank buying, safe-haven inflows amid elevated geopolitical risks, and demand from momentum-following funds have fuelled bullion's 14% gain so far this year.

A strong U.S. jobs report last week that blew past forecasts, stirred more questions on the feasibility of rate cuts this year.

Higher interest rates reduce the appeal of holding non-yielding gold.

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