Gold prices break three-day gaining streak

By Minh Hieu   March 7, 2024 | 10:00 pm PT
Gold prices break three-day gaining streak
A person holds gold jewelry bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price slid 0.36% to VND81.5 million ($3,302.27) per tael Friday morning after rising for three consecutive days.

A tael equals 37.5 grams or 1.2 ounces.

Meanwhile, gold ring price went up 0.22% to VND68.3 million.

Globally, gold prices were poised for their biggest weekly jump in five months on Friday, hovering near a historic high, as Federal Reserve Chair Jerome Powell's remarks cemented mid-year rate cut bets, ahead of a key jobs report later in the day, Reuters reported.

As of the writing of this article, spot gold was little changed at $2,157.16 per ounce, hovering around a record peak of $2,164.09 hit in the previous session.

U.S. gold futures were flat at $2,164.40.

Powell said that Fed was "not far" from gaining the confidence it needs in falling inflation to begin cutting rates, which he said are likely to happen in the coming months.

Lower rates boost the appeal of non-yielding bullion.

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