Gold prices decrease slightly

By Minh Hieu March 10, 2024 | 10:44 pm PT

A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Saigon Jewelry Company gold bar price inched down on Monday morning after surging to record levels last week.

Gold bar slid 0.19% to VND82 million (US$3,327.31) per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price rose by 1.3% to VND70.1 million per tael.

Globally, gold prices took a breather from a record-breaking rally on Monday, which was fuelled by a cooling U.S. labor market and remarks from the Federal Reserve, as traders awaited an inflation report for fresh clues on the timing of rate cuts, Reuters reported.

Spot gold was steady at $2,178.44 per ounce.

U.S. gold futures were flat at $2,185.30.

Gold set a record peak of $2,194.99 for the fourth straight day on Friday after data signalled a cooling U.S. labor market.

"With large speculators having increased net-long exposure at their fastest weekly pace in 3.5 years last Tuesday, gold is clearly in demand and not a market to short for any length of time whilst traders expect Fed cuts," City Index senior analyst Matt Simpson said.