Gold prices decrease

By Minh Hieu   February 29, 2024 | 09:42 pm PT
Gold prices decrease
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price slid 0.44% to VND79.6 million (3,229.21) per tael Friday morning.

Gold bar is about 1% away from its historic peak of VND80.3 million established on Dec. 26 last year.

Gold ring price rose 0.3% to VND65.5 million per tael.

Globally, gold scaled a one-month high on Thursday as the dollar slipped after U.S. inflation data came in line with expectations, with traders' attention turning to further commentary from Federal Reserve officials for cues on interest rate cuts, Reuters reported.

Spot gold was up 0.6% at $2,046.29 per ounce at the time of publishing.

U.S. gold futures gained 0.6% to settle at $2,054.7.

"The steady stream of Fed speak has noted that there's no rush in lowering rates and that news is priced into the market," said David Meger, director of metals trading at High Ridge Futures.

"If there is a potential change that would allude to the idea of lowering interest rates even a smidgen sooner, it will be positive for gold."

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