Gold prices approach record highs again

By Minh Hieu   April 25, 2024 | 10:29 pm PT
Gold prices approach record highs again
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 1.1% to VND85.2 million ($3,361.6) per tael Friday afternoon, close to its all-time high of VND85.5 million on April 15.

Gold ring price increased by 0.9% to VND75.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price struggles to capitalize on the previous day's modest gains and oscillates in a narrow range during the Asian session on Friday amid mixed fundamental cues, FXStreet reported.

The US GDP report released on Thursday pointed to a significant loss of growth momentum at the start of 2024 and an unwelcome pickup in inflation.

This, along with the subdued US Dollar (USD) price action, acts as a tailwind for the precious metal, which is considered as a hedge against inflation.

The upside, however, remains capped in the wake of hawkish Federal Reserve (Fed) expectations.

Gold rose 0.05% to $2,332.91 an ounce.

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