Gold prices decrease slightly

By Minh Hieu   March 24, 2024 | 08:49 pm PT
Gold prices decrease slightly
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price fell 0.39% to VND80 million ($3,230.8) per tael Monday morning.

Gold ring price rose 0.28% to VND69.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices rose on Monday as renewed bets that the U.S. Federal Reserve would begin cutting interest rates in June and a softer dollar lifted bullion's appeal, Reuters reported.

Spot gold was up 0.4% at $2,172.09 per ounce. U.S. gold futures climbed 0.6% to $2,173.40 per ounce.

The dollar was down 0.1% against its rivals, making gold less expensive for other currency holders.

"The environment is still looking quite healthy for the precious metal markets," said Tim Waterer, chief market analyst at KCM Trade. "Markets are still looking forward to impending rate cuts from the Fed. Looks like June is being the most probable time when they are sort of expected to pull the trigger on that first rate cut."

Lower interest rates reduce the opportunity cost of holding bullion.

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