Gold prices gain

By Dat Nguyen   January 23, 2024 | 08:46 pm PT
Gold prices gain
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price went up 0.26% to VND76.65 million ($3,113.95) per tael Wednesday morning.

Gold ring price was stable at VND64.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices inched lower on Wednesday, as hawkish comments from Federal Reserve officials and strong U.S. data doused hopes for early interest rate cuts, while investors awaited a slew of economic reports this week for more clarity on rate trajectory, Reuters reported.

Spot gold fell 0.2% to $2,024.46 per ounce. U.S. gold futures were unchanged at $2,025.50.

"Recent economic data out of the U.S. has called for some recalibration in dovish market rate expectations, with some pushback on the timeline for Fed rate cut weighing on gold's appeal," said IG market strategist Yeap Jun Rong.

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