Gold heads up after plunge

Gold bar plunged 2.42% Wednesday after reaching a new historic peak of VND82.5 million.

Gold ring price went up VND0.88% to VND69 million per tael Thursday. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices traded flat in early Asian trade hours on Thursday, within close range of record-high levels on a broadly weaker dollar, as traders awaited more economic data that could steer hopes for a mid-year rate cut by the U.S. Federal Reserve, Reuters reported.

Spot gold was flat at $2,173.89 per ounce. U.S. gold futures dipped 0.1% to $2,178.20.

The Fed is expected to hold rates steady at its policy meeting next week, but the focus will be on the 'dot plot' projections. The U.S. central bank in its December meeting pencilled three-quarter-point rate cuts for 2024.