Gold prices decline slightly

By Minh Hieu   March 17, 2024 | 10:00 pm PT
Gold prices decline slightly
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price fell 0.88% to VND81 million ($3,280.35) per tael Monday morning.

Gold ring price dropped 0.5% to VND68.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price (XAU/USD) trades with a negative bias for the third straight day on Monday and drops to the $2,050 level, or over a one-week low during the Asian session, FX Street reported.

The stronger inflation data released from the US last week fuelled speculations that the Federal Reserve (Fed) will stick to its higher-for-longer interest rates narrative. The outlook remains supportive of elevated US Treasury bond yields, which, in turn, acts as a tailwind for the US Dollar (USD) and undermines the non-yielding yellow metal.

The markets, however, are still pricing in a greater chance that the Fed will start cutting interest rates in June. This, along with geopolitical risks, should help limit the downside for the safe-haven Gold price and should limit deeper losses.

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