Gold prices decrease slightly after hitting historic peak

By Minh Hieu   March 3, 2024 | 11:13 pm PT
Gold prices decrease slightly after hitting historic peak
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price slid to VND80.5 million ($3,261.02) per tael Monday morning, down 0.56% from the record-high level established last weekend.

Gold ring rose 0.3% to VND66.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices lingered close to a two-month high on Monday, after softer U.S. economic readings last week cemented prospects of an interest rate cut in June by the Federal Reserve, Reuters reported.

As of the writing of this article, spot gold edged 0.1% lower to $2,081.11 per ounce but hovered near $2088.19, a level seen on Friday when the contract hit its highest since Dec. 28. U.S. gold futures fell 0.3% to $2,090.00.

"The key drivers for gold is what's going to happen on the interest rate front - and we saw a move higher in gold on Friday because a series of macro releases out of the U.S. moved the narrative towards the Fed possibly decreasing rates sooner than expected," Marex analyst Edward Meir said.

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