Gold prices decrease marginally

By Minh Hieu   March 19, 2024 | 11:58 pm PT
Gold prices decrease marginally
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 0.13% to VND81.7 million ($3,297.68) per tael Wednesday morning.

Gold ring price were unchanged at VND68.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were stuck in a tight range on Wednesday as traders prepared for a key policy decision from the U.S. Federal Reserve and remarks from Fed Chair Jerome Powell later in the day, which could shed more light on prospects of rate cuts this year, Reuters reported.

Spot gold was steady at $2,158.29 per ounce. U.S. gold futures edged 0.1% higher to $2,161.60.

With the U.S. central bank expected to hold rates steady, traders are awaiting its economic and interest rate projections for the rest of the year.

"There's a real chance that the Fed may not be as dovish as traders want to hear, and that the median dot plot could be revised from three to two, or even one Fed cut this year," City Index senior analyst Matt Simpson said.

"And that could trigger a shakeout at these highs for gold and see it break below $2,050 if Powell disappoints doves. Yet, gold remains supported by a broad rise in commodities in general."

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