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Gold prices continue to rise

By Dat Nguyen   March 4, 2024 | 08:27 pm PT
Gold prices continue to rise
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price gained 0.37% to VND80.65 million ($3,265.51) per tael Tuesday morning as it continued to swing around its new historic peak.

Gold ring price went up 1.35% to VND67.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold price was down 0.01% at $2,113.87 per ounce at 11:11 a.m. after hiting a three-month peak on Monday, driven by increased bets for a June interest rate cut by the U.S. Federal Reserve, Reuters reported.

Gold surged about $50 over the course of last week, driven by tepid U.S. manufacturing and construction spending, and weaker price pressures.

Markets are pricing in a 66% chance of a Fed rate cut in June, according to the CME Fed Watch Tool.

 
 
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