Gold price hits new all-time high

By Minh Hieu   May 2, 2024 | 09:13 pm PT
Gold price hits new all-time high
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.82% to VND85.8 million ($3,376.3) per tael Friday morning, surpassing the previous record high of VND85.5 million established on April 15.

Gold ring price dropped 0.2% to VND74.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price remains on the defensive during the Asian session on Friday, albeit manages to hold its neck above a nearly one-month low touched earlier this week, according to financial data provider FXStreet.

Traders opt to wait on the sidelines ahead of the release of the closely watched US monthly jobs data, popularly known as the Nonfarm Payrolls (NFP) report, for cues about the Federal Reserve's (Fed) rate-cut path and before placing fresh directional bets.

Heading into the key data risk, a combination of diverging forces fails to provide any meaningful impetus to the precious metal, which is seen extending its consolidative price move in a multi-day-old trading range.

Despite still-sticky inflation in the US, Fed Chair Jerome Powell ruled out the possibility of any further interest rate hikes. This, in turn, drags the US Dollar (USD) to a three-week low and acts as a tailwind for the non-yielding Gold price.

Gold was up 0.17% at $2,307.84 an ounce at the time of publishing.

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