Gold prices firm at two-month high

By Dat Nguyen   February 28, 2024 | 08:48 pm PT
Gold prices firm at two-month high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price surged 0.88% to VND79.95 million ($3,243.40) per tael Thursday morning.

Gold bar is now close to the historic peak of VND80.3 million established on Dec. 26.

Prices shot up at VND80 million at around 9:40 a.m. but slipped 30 minutes later.

Gold ring price went up 0.23% to VND65.3 million per tael.

Gold prices ticked up on Wednesday as traders strapped in for key economic data and comments from U.S. central bank officials on the timeline of interest rate cuts, Reuters reported.

At the time of publishing the metal was steady at $2,036.06 per ounce, same as Wednesday closing price.

"The Fed is in the driver's seat for the gold market. We can see all-time highs in prices when they say something more concise on when the rate cuts are coming," said Bob Haberkorn, senior market strategist at RJO Futures.

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